The abrupt removal of 1.586 billion XRP off the floor of Bithumb, one of Korea’s biggest exchanges, is another example of the unusual action on the cryptocurrency market today. Whale Alert indicates that 586.09 million XRP, or $296.95 million, first departed Bithumb in an unidentified destination.
Addressing “rPyCQ,” which was only formed yesterday, was the first transfer. With a total value of $202.76 million, this transfer is the biggest in the series; the previous two were both 200 million XRP or slightly under that amount. 600 million XRP was the value of the previous one. Additionally, newly established wallets were used for all of these withdrawals.
https://x.com/whale_alert/status/1853801103126680015
Such withdrawals from well-known platforms to unidentified addresses are often seen by participants in the cryptocurrency market as an indication that the token is doing well. Bullishly, it is thought that a large player most likely purchased tokens and then withdrew them to a wallet for safekeeping.
Just as there are no big whales that are mysterious, it is probable that there is no mystery around these transfers in this specific instance.
What’s behind mystery?
These transactions are internal Bithumb transfers between its wallets, according to the XRPwallets account, which keeps track of significant transfers of the well-known cryptocurrency. In the meanwhile, it is expected that the new addresses already contain 1.586 billion XRP.
Therefore, we may conclude that these transfers are not strange and that Bithumb is only performing some housekeeping. It is not impossible, nevertheless, that the first perception of these transfers would affect XRP’s future direction.
