Massive XRP Purchase on Upbit Coincides with a Significant Price Rally

A substantial amount of XRP was recently purchased on the exchange platform Upbit. Blockchain transaction monitoring system Whale Alert brought this major movement of XRP tokens to light.

In parallel with this event, unidentified wallets have transferred a combined total of nearly 40 million XRP to two predominant exchanges, worth about $14.6 million. These considerable transfers align with a robust week for XRP, seeing a price surge of 20.71%.

XRP Witnesses a Substantial Withdrawal Following a Market Upswing

Since the turn of the month, XRP has showcased a consistent upward trajectory, accruing a 29.11% increase and hitting a high of $0.7234 on November 6. This growth pattern echoes Bitcoin’s market behavior, which recently approached the $40,000 mark before experiencing a slight pullback.

Currently, Bitcoin has gained 5%, climbing above the $37,000 level. XRP’s trajectory slightly dipped by over 5% after its peak but still showcases a strong weekly performance with an increase of 20.87%.

Amid the price climb, an unidentified ‘whale’ investor capitalized on the momentum, purchasing a whopping 21 million XRP on Upbit and then relocating the funds to a secure cold wallet. This move is in line with the best practices advocated by cryptocurrency enthusiasts to keep digital assets off exchanges to avoid risks associated with online wallets.

The total purchase by this anonymous investor is valued at approximately $14,601,114.

XRP’s Flow into Partner Exchanges

Additionally, Whale Alert observed sizeable XRP sums being moved to Bitstamp and Bitso. The recorded transfers were 22.5 million XRP to Bitstamp and 16.3 million XRP to Bitso, with values of $15,380,952 and $11,163,103 respectively.

Such transactions have been a recurring event over recent months, with the trail leading back to a wallet affiliated with Ripple Labs, as revealed by Bithomp’s analysis. These transfers are significant as both Bitstamp and Bitso are operational partners of Ripple, leveraging XRP for RippleNet’s cross-border payment system designed for expedited and economical transactions.