Upbit Sends $16 Million in XRP to Anonymous Wallet

IconCryptoNewsTerminal Staff17 Jul, 2024

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Upbit Sends $16 Million in XRP to Anonymous Wallet

Upbit, one of the largest cryptocurrency exchanges in South Korea, has transferred $16.28 million worth of XRP to an anonymous wallet. The transaction, which was flagged by Whale Alert, involved the movement of 26 million XRP from an Upbit-labeled address to an unknown address. The transfer has raised questions about the purpose of the transaction and the identity of the recipient. Some speculate that the XRP may be used for liquidity or trading purposes, while others believe it could be part of a larger movement of funds. The transfer comes amid a period of increased volatility in the cryptocurrency market. XRP, the native token of the Ripple network, has been particularly hard hit, falling by over 80% from its all-time high. However, the latest transfer suggests that there is still significant interest in XRP from institutional investors.

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