XRP Whale Shocks Korean Exchanges After Withdrawing 30M Tokens

YEREVAN (CoinChapter.com) — Whale Alert, a platform known for tracking large cryptocurrency transactions, has spotted a significant movement in the XRP market. According to the data resource, an anonymous XRP whale, called “r3ow,” moved 30 million tokens worth approximately $19 million from Upbit, a South Korea-based crypto exchange.

Massive Token Redistribution Underway

r3ow didn’t sit on the XRP pile for long – its holdings quickly dwindled to just 978,122 XRP, hinting he/they spread it around to different places pretty fast.

Big moves like this often signal some savvy investor strategy, maybe showing they’re betting on a bright future for the cryptocurrency. On the flip side, when hefty chunks flow into exchanges, it could mean someone’s getting ready to cash out.

XRP Price Performance is Disappointing in 2024

XRP’s price action has been very volatile in 2024. The cryptocurrency has dropped 0.75% so far into the year despite registering approximately 16% gains in the last 30 days. Nonetheless, it has severely underperformed when compared to its top rivals, Bitcoin and Ethereum, whose yearly gains sit in the 45-50% range.

The legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple is contributing to the prevailing uncertainty, according to Bill Morgan, a lawyer with a favorable stance on cryptocurrency who is following the case closely.

The case against Ripple is expected to extend into May 2024, following a recent decision by U.S. District Court Judge Analisa Torres to push back the deadline for the SEC’s submissions earlier this month.