Main navigation

XRP Price Skyrockets Against KRW as Korean XRP Whale Withdraws Millions From Upbit

Wed, 03/29/2023 - 12:19
article image
Gamza Khanzadaev
20 million XRP transferred from Korea's major exchange, while price spikes against KRW
XRP Price Skyrockets Against KRW as Korean XRP Whale Withdraws Millions From Upbit
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

According to Whale Alert, less than an hour ago, 20 million XRP worth the equivalent of $11.4 million were withdrawn from South Korea's leading crypto exchange, Upbit. The funds were transferred to an unknown wallet, which then redirected 19 million XRP to other addresses, while sending 4 million back to Upbit.

Korean crypto investors are max bidding XRP

The move of a large amount of XRP came together with an increase in the cryptocurrency's price and trading volume against KRW on the Korean exchange. Thus, XRP broke through the 768 KRW per token mark today, posting a 27.4% increase in just the past three days.

Source: TradingView

XRP 44% Rally Fuels Enormous Profit-Taking, Could It Be End of Rally?

Meanwhile, in terms of trading volume on Upbit, XRP continues to hold the top spot, with a 35% share of the $1.93 billion total. That being so, XRP's total turnover on Korea's largest crypto exchange already stands at $674.77 million, nearly four times that of Bitcoin (BTC).

If we look at XRP trading on all known cryptocurrency exchanges, the combined volume will be $4 billion, according to CoinMarketCap. To demonstrate the magnitude of the hype surrounding XRP now, 24 hours ago that figure was 33% lower.

XRP Among Top Altcoin Winners in Digital Asset Investment Surge: CoinShares

The exact reasons for this interest in XRP on the part of investors, particularly Korean, are difficult to pinpoint. It is possible that in the near future the crypto space will receive specific news on XRP, or the SEC's lawsuit against Ripple.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.