Crypto analysts flagged a suspicious 5.5B XRP withdrawal today, sparking whale movement or glitch concerns tied to Upbit’s XRP reserve.
There are reports that a significant 5.5 billion withdrawal occurred today, with a few crypto analysts pointing to the Upbit XRP reserve.
According to reports, a billion Ripple tokens have mysteriously disappeared from the popular Korean exchange, eliciting both curiosity and apprehension among investors.
The substantial demand for tokens in the crypto market has led some to postulate about the potential involvement of whales, while others maintain that this is not the case.
We should engage in a conversation.
Upbit Allegedly Detects Massive 5.5 Billion XRP Withdrawal
Abs, the presenter of Good Morning Crypto, tweeted that 5.5 billion XRP has been withdrawn from Upbit.
He incorporates a CryptoQuant chart and emphasizes the exchange’s precipitous decrease in reserve, which has decreased from nearly $6 billion to $1 billion.
Various other crypto analysts have presented a similar analysis, which has immediately sparked concern within the crypto community.
Arthur Britto, the phantom co-founder of XRP, was the subject of headlines when he returned just one day ago.
However, today, there is an unusual occurrence regarding the crypto reserve.
Speculation In XRP Community, Potential Causes
Investors speculate on the reasons for this significant shift, which is common in cryptocurrency.
The CryptoQuant data may contain an error.
Simultaneously, some conjectured that the token could be the subject of substantial institutional investor accumulation in anticipation of forthcoming optimistic events.
The Ripple IPO news is circulating, and the spot XRP ETF is due for SEC approval. Consequently, there is a specific demand for the token.
Intriguingly, this demand is increasing despite the ongoing price fluctuations in Ripple.
Is this Secret Whale Move Or Glitch?
The Upbit exchange has not issued any official statements regarding the situation as of press time.
Nevertheless, the overwhelming majority of the experts suggest that the error is highly probable.
TXBorn83, XRP_liquidity, and other crypto analysts have claimed no genuine movement on-chain.
Additionally, they assert that the data from XRPScan continues to indicate a 6.06 billion token supply and no recent outflows.
They observed that Upbit contains numerous wallets, with two labeled 12 to 21 containing approximately 5 billion XRP and Upbit 22 containing 1 billion.
If any progress has been achieved, it would have been derived from these; however, there have been no developments.
The analysts assert that Ripple must have sent these items to this location and have since relocated them to other places where they were required, even if they did move.
“Thru my tracking I believe these all in some way belong to Ripple and was placed at Upbit or bought from Upbit until they are ready to go where they need to go,” says XRP_liquidity.
In general, most individuals have suggested that there may be an error in the CryptoQuant data.
However, investors must continue to await additional information regarding the matter, as neither Upbit nor CryptoQuant have provided any clarification.
Therefore, there is a possibility of an alternative outcome.
