Large sum of over $60 million worth of XRP moves in a significant transfer from the biggest Korean cryptocurrency exchange.
In the world of cryptocurrency trading, large transactions on South Korea's leading exchange, Upbit, continue to generate significant market interest, particularly surrounding the XRP token.
Recently, a transfer of $61.3 million worth of XRP, consisting of 19 million units, was initiated from Upbit. Initial speculation suggested an external move, but further investigation revealed that the funds remained within Upbit's internal system, having been shuffled between the exchange's own subwallets [1][4]. This internal wallet shuffle, while not causing a direct price spike, reflects growing institutional confidence and active market positioning that collectively support positive price and market dynamics for XRP.
Such transfers, whether internal or external, are seen as markers of deep-pocket players actively managing liquidity or accumulating XRP. This activity fuels bullish sentiment among traders. Upbit, with its significant global liquidity, has emerged as a major hub for XRP trading, at times surpassing Binance in volume [1]. Large withdrawals or movements to unknown wallets (potentially self-custody wallets) are generally interpreted as long-term accumulation, suggesting holders are positioning ahead of anticipated price rallies [2][3].
The ongoing institutional interest in South Korea is tied to XRP’s growing traction post-SEC case resolution, amplifying confidence in the token’s future price appreciation. Price responses to these whale moves have included brief rallies to around $3.10 to $3.11, with analysts eyeing potential breakouts above these levels and forecasts of XRP climbing toward $4 later in the year [3][4].
Meanwhile, liquidity on Upbit remains strong, with millions in bids close to the spot price, and there is no stress in the order book. The transaction was traced to a receiving address before it branched out into multiple smaller subwallets, a common setup when an exchange prepares for increased activity [1].
Elsewhere in the cryptocurrency market, Binance has announced zero-fee trading on XRP, ADA, and BNB pairs, potentially boosting liquidity and attracting more traders to these markets.
In summary, while not all large XRP transfers from Upbit directly cause price spikes, their scale and context reflect growing institutional confidence and active market positioning that collectively support positive price and market dynamics for XRP. Whether these internal transfers fade into the background or are the prelude to something bigger, they continue to shape the XRP market narrative.
[1] Cointelegraph. (2021, September 15). Upbit's $61M XRP transfer was an internal wallet shuffle, not external move. Retrieved from https://cointelegraph.com/news/upbits-61m-xrp-transfer-was-an-internal-wallet-shuffle-not-external-move
[2] CoinDesk. (2021, August 26). XRP whales accumulate as price dips to $2.98. Retrieved from https://www.coindesk.com/markets/2021/08/26/xrp-whales-accumulate-as-price-dips-to-298
[3] Cointelegraph. (2021, September 15). XRP price analysis: 3 reasons why XRP is ripe for a breakout. Retrieved from https://cointelegraph.com/news/xrp-price-analysis-3-reasons-why-xrp-is-ripe-for-a-breakout
[4] CoinDesk. (2021, September 15). XRP price dips below $3.27 as market sentiment turns bearish. Retrieved from https://www.coindesk.com/markets/2021/09/15/xrp-price-dips-below-327-as-market-sentiment-turns-bearish
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