XRP Whale Moves 6.3M XRP Off Upbit in Large Transfer

TLDR

• An unknown XRP whale withdrew 6.3 million XRP worth about $8.8 million from Upbit.
• Blockchain data shows the transfer took place at 13:23 UTC on Tuesday.
• The receiving wallet quickly distributed most of the tokens to other addresses and exchanges.
• Current records indicate the wallet now holds 119,800 XRP valued at around $171,800.
• On-chain data links the activating address to former crypto exchange Bittrex, which filed for bankruptcy in 2023.

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An unidentified wallet removed 6,300,000 XRP from Upbit on Tuesday, reducing exchange supply. The transfer occurred at 13:23 UTC and involved tokens worth about $8.8 million. On-chain data shows the address later distributed most of the funds to other wallets and exchanges.

XRP Whale Transfers 6.3 Million Tokens From Upbit

Blockchain records show that the XRP whale received 6.3 million XRP from South Korean exchange Upbit. Bithomp data confirms the transfer occurred at 13:23 UTC on Tuesday. At the time, the tokens carried an estimated value of $8.8 million.

Bithomp labeled the receiving address “r3bqvUf” as unknown. The lack of identification has raised questions across the XRP community. However, no verified source has linked the wallet to a specific individual or entity.

After the transfer, the wallet balance changed quickly. Current data shows the address now holds 119,800 XRP worth about $171,800. This balance stands well below the original amount withdrawn from Upbit.

XRP Whale Wallet Routes Funds Across Exchanges

On-chain tracking shows that the XRP whale moved funds to multiple destinations. The wallet sent portions of the tokens to Binance, Bybit, Bitget, and Gate.io. It also transferred other amounts to several unidentified wallets.

These movements suggest that the address functioned as a temporary holding account. Earlier transactions reflect a similar pattern of rapid distribution. As a result, observers consider the wallet a routing address rather than a long-term storage account.

XRPScan reports that another address, “rEdP7w,” activated the wallet. XRPScan data links “rEdP7w” to bankrupt crypto exchange Bittrex. Bittrex filed for bankruptcy in 2023 and supported XRP during its operations.

The sequence of transfers has prompted speculation about internal fund movements. Some analysts suggest the activity may reflect exchange-related restructuring. However, no official statement has confirmed the purpose of the transactions.

Meanwhile, XRP’s market price recorded gains over the past day. The token rose 1.95% in 24 hours and extended weekly growth to 3.4%. XRP price trades at $1.43, which marks a 27% increase from its February 6 low of $1.12.

Despite the rebound, XRP has not matched Bitcoin’s recent performance. Market data indicate that capital remains concentrated in Bitcoin. As a result, XRP’s price movement trails the broader crypto leader.

Recent technical analysis points to tightening Bollinger Bands on XRP’s chart. One commentary stated, “XRP has printed its tightest Bollinger Band in years.” The same analysis added that a larger price move could follow this pattern.

Trading data continues to track wallet activity and price levels. Blockchain explorers still list the primary receiving address as unknown. At press time, the wallet retains 119,800 XRP tokens.

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