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XRP Alert: Single Whale Snaps up 32 Million XRP on Major Korean Exchange

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Wed, 10/04/2024 - 13:04
XRP Alert: Single Whale Snaps up 32 Million XRP on Major Korean Exchange
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According to on-chain data, a whopping 32 million XRP has been transferred from Upbit, one of South Korea's largest cryptocurrency exchanges, to an unnamed wallet.

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The transfer of such a significant amount of XRP from Upbit to an unknown wallet has sparked speculation among the cryptocurrency community regarding the likelihood of a whale purchasing XRP.

Crypto data tracker Whale Alert reports that "32,000,000 XRP worth $19,345,861 was transferred from Upbit to an unknown wallet."

The identity of the whale behind the transaction is unknown, adding a layer of intrigue to the purchase. The receiving wallet appears to be relatively new, having been activated only months ago in September 2023; nonetheless, the identity remains unknown because the user name was not registered with Bithomp.

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However, the sheer size of the transfer suggests that it could be an institutional player or a high-net-worth individual looking to capitalize on XRP's potential for growth and adoption.

Another possibility is that large players, or whales, are accumulating XRP ahead of positive announcements, future price swings or as part of a long-term investment strategy. The move might also be that of funds reshuffling or the transfer of funds to cold wallets to hold for a longer period of time rather than selling.

The timing of the transaction is noteworthy since it occurs at a time when prices are falling across the board on the cryptocurrency market. That said, the intention of the whale might be to accumulate at a discount.

Bitcoin and major alternative cryptocurrencies (altcoins) fell lower as profit-taking from Monday continued. Several major tokens slipped, with XRP down 0.01% in the last 24 hours to $0.612.

In a separate transaction, crypto data tracker Whale Alert reported that 23,870,000 XRP worth $14,846,587 were sent from an unknown wallet to Bitstamp.

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