- 19 million XRP shift sparks intense speculation among crypto traders.
- Upbit wallet shuffle reveals massive internal XRP liquidity rebalancing.
- Massive XRP wallet movement draws attention yet trading remains unaffected.
According to blockchain tracker Whale Alert, a large XRP movement from Upbit has caught the attention of traders and analysts. The transaction involved 19,000,000 XRP, valued at around $61.3 million, and was initially flagged as heading to an unidentified wallet. This early reading fueled speculation about possible large-scale withdrawals or institutional moves.
However, a subsequent investigation revealed that the transfer was an internal reorganization of Upbit. The transfer was between the exchange’s internal subwallets, a common operation for an exchange that processes more than $4.57 billion in spot trading volume daily. Such internal shuffles are standard for balancing liquidity across wallets.
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XRP market activity and liquidity management
XRP remains one of Upbit’s most traded assets, accounting for more than 12 percent of its trading activity. The high turnover of transactions involving the token implies that the exchange frequently transfers large amounts between hot and cold wallets to meet users’ withdrawal trends and market fluctuations.
On-chain tracking revealed that the funds entered a receiving wallet, which was subsequently divided into several addresses. This arrangement is usually indicative of the anticipation of a busy trade season or internal accounting reconciling.
Even after the heavy transfer, the price of XRP has remained stable at $3.27 in the last trading sessions. The token recently rebounded after hitting lows close to $2.98 and has been trading within a horizontal range.
Upbit’s order books are also supported, as there are millions of buy orders near the current price. That means that the market is deep, and despite the significant wallet activity, there is no imminent pressure.
Conclusion
While the $61.3 million XRP shuffle from Upbit triggered speculation across the crypto community, it ultimately reflected routine liquidity management. The stability in XRP’s price and market liquidity suggests no significant market disruption at this stage.
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