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Whale Alert, a crypto transaction monitoring platform, has detected a substantial movement in the XRP market. Approximately 30 million XRP tokens, valued at around $19 million, were withdrawn from Upbit, South Korea’s leading cryptocurrency exchange, which boasts a turnover of $5.5 billion, as reported by CoinMarketCap.
The withdrawal was directed to an undisclosed address labeled “r3ow”, known for its history of handling large XRP transactions. Presently, only 978,122 XRP tokens remain at this address, indicating a rapid dispersal to various destinations.
Such significant withdrawals from exchanges often suggest strategic asset management, potentially reflecting a bullish sentiment among investors. Conversely, movements towards exchanges typically signify a propensity to sell.
XRP has climbed to become the fourth-largest trading pair on Upbit, accounting for $415.56 million in turnover when paired with the Korean Won, representing 7.57% of the exchange’s total turnover.
XRP price outlook
Despite recent days witnessing a notable uptick in XRP price, with gains exceeding 10%, the token’s current trajectory suggests a minor setback. The influx of withdrawals has not significantly altered the situation, though it remains stable, especially considering XRP’s recent performance amidst market volatility.
The surge in trading volume, coupled with the withdrawal from Upbit, underscores a growing interest and activity surrounding XRP, amidst broader market fluctuations. Investors and observers await further developments as XRP navigates through the complexities of current market dynamics.