As the 1.586 billion XRP of one of South Korea’s main crypto exchanges, Bithumb, suddenly disappears, the cryptocurrency market braces for more fallout. Whale Alert, a tracker of large crypto transactions, flagged the first chunk, 586.09 million XRP (about $296.95 million), to be the first to leave the platform, having no clear destination.
What fueled immediate speculation on the crypto community straight away once the initial transfer went to wallet address labeled ‘rPyCQ’, a new one as of yesterday. Following that, another 200 million Ripple and another less chunky amount were moved for a grand total of $202.76 million value.
XRP Activity Monitored Amid Bithumb’s Internal Wallet Transfers
So to close this series off, the final 600 million Ripple transfer brought the whole shift to 1.586 billion XRP. Market interest and speculation was enhanced with all transfers flowing into newly created wallets.
When this happens with large withdrawals of crypto from exchanges, most crypto fans regard it as a bullish sign because big players usually take their funds out of exchanges and transfer them to private wallets to keep them for the long term. The rationale between a dollar move and confidence in the asset reflects lower selling pressure in the market. In this case, though, there’s a twist.
Accounts watching XRP activity, and especially tracking XRPwallets, made clear what these transfers may not really be mysterious ‘crypto whales’ but rather Bithumb doing housekeeping. It seems that instead of an exodus of Ripple from the exchange, its reserves might be simply being organized, moving tokens between its own wallets.
Yet, all these promises appeared to mellow the market the sheer volume of the transfers had left their mark, sparking a ripple of excitement and intrigue among traders. That incident points out how precarious the market sentiment can be on such occurrences, when explanations are not very clear.
According to reports, Bithumb’s transfers are internal, but that doesn’t mean XRP’s price and trading volume will be unaffected. Crypto markets are exceedingly sensitive to large transactions. The attention will now switch to Bithumb, which concludes its internal reshuffle and will wait to see if this housekeeping will influence XRP token’s price trajectory for good or not.
