XRP, 6.3 million withdrawn en masse from Upbit... Where will the unknown whale go next?

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An unknown XRP whale withdrew 6.3 million XRP from the domestic exchange Upbit. The large-scale withdrawal coincided with a rebound in XRP's price and attracted market attention as it reduced 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 unidentified address.

The original text stated that it was unconfirmed whether the wallet belonged to an institutional investor or a large individual holder accumulating XRP. However, given the large volume withdrawn from Upbit, interest in the transaction's background grew within the XRP community.

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

Some of the volume moved to Binance, Bybit, Bitget, and Gate.io. Another portion was sent to multiple unidentified wallets. The original text mentioned the possibility that this address served as a conduit for moving assets to other addresses rather than a final storage wallet.

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

This transaction occurred after a period of XRP price recovery. According to the original text, XRP rose by 1.95% in the last 24 hours, extending its gains to 3.4% since the beginning of this week. Compared to its low of $1.12 on February 6, it has risen by 27%.

The Crypto Basic assessed that despite XRP's strong rebound, it has not yet caught up with Bitcoin's (BTC) recent trend. This suggests that funds have continued to stay with 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 based on this trend, a significant move is anticipated.

*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.*