According to on-chain data, a substantial amount of 16 million XRP has been transferred from Upbit, one of South Korea's largest cryptocurrency exchanges, to an unknown wallet. The movement of a large amount of XRP from Upbit to an unknown wallet has led to speculation within the cryptocurrency community about the possibility of a whale buying XRP.
The transfer was detected and reported by Whale Alert, a service that tracks large cryptocurrency transactions: "16,000,000 XRP worth $10,027,185 was transferred from Upbit to unknown wallet."
In a similar move, another massive transaction of 18 million XRP was moved from Upbit to an unknown wallet. Whale Alert reports that: "18,000,000 XRP worth $11,265,675 transferred from Upbit to unknown wallet."
Such large-scale transfers often lead to speculation about the intentions behind them. In both cases, the unknown destination of the XRP moves might suggest that whales, or large holders of cryptocurrency, could be accumulating a position.
This is further supported by the recent movements of XRP to unknown destinations: As reported, 210 million XRP coins were shifted between unknown wallets.
The recent moves might indicate that large players or whales are accumulating XRP in anticipation of positive developments, potential price movements, or as part of a longer-term investment strategy.
The timing of these transactions also coincides with rumors of a potential settlement between Ripple and the U.S. Securities and Exchange Commission (SEC).
There is ongoing settlement chatter as the entire XRP community speculates on a potential "settlement conference." Fox Business correspondent Eleanor Terrett hints at a "settlement conference" scheduled for March 29, citing Court Listener documents.
If the speculations are true, such a settlement could have significant repercussions for the value of XRP and the broader cryptocurrency market.