XRP Whales Move $814 Million From Bithumb Amid Speculation About Future Trajectory

XRP price has recovered above the $0.50 support amid massive whale transfers from South Korea's Bithumb exchange.

Massive XRP Whale Transfers from South Korea’s Bithumb Exchange

In a significant development, XRP price has shown resilience with strong gains as massive whale transfers were detected from South Korea’s Bithumb exchange. According to Whale Alert, a platform that tracks large cryptocurrency transactions, over 1.6 billion XRP tokens, valued at approximately $814 million, were withdrawn from the exchange and moved to unknown wallets within the past hour.

These unusually large withdrawals have drawn the attention of investors and sparked speculation about XRP’s future trajectory. As reported by Whale Alert, the transfers involved three separate transactions, with the largest one being the movement of 586.09 million XRP, valued at around $296.95 million, to a newly created wallet.

The subsequent transfers, valued at $202.76 million and $314 million respectively, were also sent to addresses that were recently activated. Notably, the destination wallets are not associated with any known cryptocurrency exchanges.

This has led some investors to speculate that the large sums of XRP being withdrawn from Bithumb may be accumulating in the wallets of high-net-worth individuals or institutional investors, as opposed to being sold on exchanges.

According to crypto analysts, large transfers from exchanges to unknown wallets are often viewed as a bullish indicator. These transactions suggest that major holders, or “whales,” may be shifting their assets to secure storage, which typically indicates a long-term holding strategy rather than immediate selling pressure.

However, some analysts have speculated that the transactions may be internal, with some suggesting that they could be a part of Bithumb’s internal housekeeping.

According to XRPwallets, an account that monitors large XRP transactions, these movements may be a part of Bithumb’s internal housekeeping. The South Korean exchange has conducted similar transfers in the past, often to reorganize its liquidity across different wallets.

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