Whale Alert reports that the South Korean exchange Upbit moved 30 million XRP, or around $17.4 million, to an unidentified wallet in a significant cryptocurrency transaction.
The currency from the wallet “rDxJNb,” associated with Upbit, was transferred to a mystery wallet marked “r4186.” There isn’t much data available about this receiver wallet.
Data from XRP Ledger researcher Bithomp indicates that the wallet was first turned on in June this year with a mere 11 Ripple balance.
XRP Volume Surge
Following the large transaction, the wallet owner began disbursing the thirty million tokens to several unidentified wallets. The “r4186” wallet contained just 1.169 million Ripple left overall.
This huge and enigmatic movement occurred during XRP’s most active period on Upbit. With a considerable increase in trading volume, the cryptocurrency ranks sixth on the exchange among assets traded over the past 24 hours.
Traditionally the most commonly used cryptocurrency on the site, XRP’s trading pairs with South Korea’s national currency, the Korean won (KRW), attracted an incredible $106.6 million in volume, almost twice that of Bitcoin.
The crypto community sometimes sees such significant withdrawals from exchanges as a positive sign. When a significant number of cryptocurrencies shift from a centralized exchange to a private or unidentified wallet, many believe that a major player has purchased and secured their assets in cold storage.
People view this action as proof of their belief in the item’s long-term value. Furthermore, the higher trading volume could indicate a growing interest among regular investors, potentially driving XRP’s price higher in the near future. Increased market liquidity creates a possible positive feedback loop that can drive prices far higher.
