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An 11 million XRP transfer, equivalent to $28.11 million, from South Korea’s Upbit to an unknown wallet has sparked speculation across the crypto market. The mystery comes amid XRP’s soaring 500% rally and growing enthusiasm from South Korean investors.
Massive XRP Transfer From Upbit Sparks Speculation
Upbit, the biggest cryptocurrency exchange in South Korea, recently saw a massive transfer of XRP tokens, as was revealed in a Whale Alert report. An unknown person using the address "r325zs" withdrew 11 million XRP, which is about $28.11 million, according to on-chain explorer data from Upbit's wallet "rDxJNb."
Bithomp, an XRP ledger explorer, reports that in October, a transfer of 11 XRP activated the mystery address. Its perpetrators remain a mystery.
Mysterious Wallet Linked to Regular XRP Transactions
Common examples of such transactions include Ripple and Bitstamp, two companies linked to cryptocurrencies. The wallet might actually be owned by Upbit, given the regularity and type of the transactions. But it's still a mystery and needs to be looked into more.
Many people were curious about the transfer. For starters, large-scale investors, or "whales" in the cryptocurrency market, are believed to be building their holdings when they pull their money out of centralized exchanges.
XRP's 500% Surge Fuels Speculation of Whale Activity
Given that the price of XRP has increased by approximately 500% since November 1, a transfer of this scale may encourage someone to purchase more XRP.
What makes it more intriguing is that it coincided with Korea's huge exchange, U.Today points out. Korean investors are well-known for their love of XRP, and last week Upbit experienced some unexpected volatility.
A quick reading could lead some to conclude that "Korean whales are accumulating millions of XRP," but like with every piece of information about the cryptocurrency market, this is merely the tip of the iceberg.
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