Twenty million XRP were moved from Upbit, South Korea’s major exchange, to an unknown wallet in the last 24 hours. This is a significant shift in the cryptocurrency market.
The deal, which was worth about $11.73 million, was noticed by Whale Alert, a company that tracks blockchain data.
People are wondering what the whale is trying to do with this large-scale move. Withdrawals from exchanges may be a sign of long-term holding strategies or assets being kept safe in cold storage, which is usually seen as a bullish sign by market experts.
XRP Whale Transfer Fuels Optimism
When whales believe prices will go up in the future, they usually take assets off of markets. This means they are unlikely to sell soon. This could lower the amount of XRP that is available on platforms, which could make demand higher and put more pressure on prices.
A lot of people are interested in XRP since Ripple won its case against the U.S. Securities and Exchange Commission (SEC). Last month, the SEC cut its claims against Ripple by 94% and told the company it had to pay $125 million. The court case had been going on for almost four years, but this ruling ended it. This was good for the XRP market.
In the world of cryptocurrencies, the Ripple case was significant. Ripple’s Chief Legal Officer, Stuart Alderoty, said that the “fair notice defense” can still help other businesses even though Ripple’s case is over. In South Korea, where it is one of the most traded coins, XRP is still bought and sold frequently.
