XRP, 6.3 Million Withdrawn from Upbit...Where will the unidentified whale go next?

▲ XRP/AI-generated image

An unidentified XRP whale has withdrawn 6.3 million XRP from the domestic exchange Upbit. This large-scale withdrawal coincided with a rebound in XRP's price and garnered market attention as it represented a reduction in the circulating supply on the exchange.

The Crypto Basic reported on May 6, citing Bithomp data, that an unidentified address received 6.3 million XRP from Upbit around 1:23 PM on Tuesday. The value of this amount at the time was $8.8 million. Bithomp marked this address as an unconfirmed address.

The original text stated that it has not been confirmed whether the nature of this wallet is an institutional investor or a large individual holder accumulating XRP. However, the large volume withdrawn from Upbit sparked increased interest within the XRP community regarding the background of the transaction.

Currently, on-chain data shows that 119,800 XRP remains in this wallet. The value of this balance is $171,800, a significant reduction compared to the 6.3 million XRP received from Upbit. The Crypto Basic explained that this wallet widely distributed the XRP to multiple addresses after receiving it.

Some of the volume moved to exchanges like Binance, Bybit, Bitget, and Gate.io. Other portions were transferred to multiple unidentified wallets. The original text mentioned the possibility that this address acted as a conduit to move funds to other addresses rather than being a final storage wallet.

According to XRPScan data, the address was activated by the rEdP7w account. This account appears to be connected to the bankrupt virtual asset exchange Bittrex. Bittrex filed for bankruptcy in 2023 and supported XRP during its operation.

This transaction occurred following a recovery in XRP's price. According to the original text, XRP rose by 1.95% in the last 24 hours, with its gains expanding to 3.4% since the beginning of this week. This is a 27% increase compared to its low of $1.12 on February 6.

The Crypto Basic assessed that despite XRP's strong rebound, it has not yet matched Bitcoin's (BTC) recent performance. This suggests that funds have continued to remain in Bitcoin rather than moving to other major cryptocurrencies. Recent analysis also noted that XRP's Bollinger Bands narrowed to their tightest in years, and the original text reported that this trend led to predictions of a significant move approaching.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*