XRP Bulls in Action? Korean Exchange Sees Stunning Outflows

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24 million units of XRP, valued at approximately $60.63 million, were recently transferred from South Korea’s largest cryptocurrency exchange, Upbit, to an unrecognized wallet address. This significant movement of XRP is generating discussions about potential implications for the popular digital currency.

It’s typical for significant transactions to occur among key players in the cryptocurrency world, such as Ripple or major exchanges like Binance. As a result, it’s plausible that this wallet could be owned by Upbit itself, but this is purely speculation, and we are yet to confirm the owner of the address.

It’s intriguing to note the timing of the transaction as well. Yesterday, the price of XRP increased by more than 10%, reclaiming its position as the market’s star performer. When large investors or “whales” withdraw funds from exchanges like Upbit, it often signals that they are accumulating XRP in large quantities.

🚨 🚨 🚨 24,000,000 #XRP (60,631,656 USD) transferred from #Upbit to unknown wallet

— Whale Alert (@whale_alert) January 12, 2025

Korea has consistently been a popular hub for XRP, as local investors have shown strong interest in the digital token. Recent developments, such as an outflow, have sparked speculation about potential significant events taking place within the XRP market scene.

Although it seems plausible that whales might be accumulating more assets, let’s avoid making hasty assumptions for now. We should delve deeper into the matter and stay vigilant to uncover the true circumstances at play.

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2025-01-12 19:01