Mysterious $800 Million XRP Withdrawal Stuns Top South Korean Exchange

Unusual activity on the crypto market continues today, with the sudden withdrawal of 1.586 billion XRP from the floor of one of Korea’s largest exchanges, Bithumb. According to reports from Whale Alert, 586.09 million XRP, equivalent to $296.95 million, first left Bithumb in an unknown direction.

The first transfer was made to address “rPyCQ,” which was just created yesterday. This transfer is the largest in the series, as the other two were 200 million XRP and just shy of that mark, for a total value of $202.76 million. The last one was worth 600 million XRP. All of these withdrawals were also made to newly created wallets.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 600,000,096 #XRP (304,143,285 USD) transferred from #Bithumb to unknown wallethttps://t.co/terdUt7M8U

— Whale Alert (@whale_alert) November 5, 2024

According to the common opinion of crypto market participants, such withdrawals from major platforms to unknown addresses are rather a positive signal for the token. It is believed that it is most likely some major player who bought tokens and withdrew them to a wallet for storage, which is bullish.

In this particular case, however, it is likely that there is no mystery behind these transfers, just as there are no mysterious great whales.

What’s behind mystery?

According to the XRPwallets account, which monitors large transfers of the popular cryptocurrency, these transfers are internal Bithumb transfers between its wallets. Meanwhile, it is estimated that 1.586 billion XRP have already accumulated in the new addresses.

Thus, we can say that Bithumb is just doing some housekeeping, and there is nothing mysterious about these transfers. However, it cannot be ruled out that the first impression of these transfers will influence the further movement of XRP.

Source