2024

Million

Read

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Unusual activity on the crypto market continues today, with the sudden withdrawal of 1.586 billion XRP from the floor of one of Korea's largest exchanges, Bithumb. According to reports from<a href="https://x.com/whale_alert/status/1853801103126680015">Whale Alert</a>, 586.09 million<a href="https://u.today/13-million-xrp-burn-achievement-next">XRP</a>, equivalent to $296.95 million, first left Bithumb in an unknown direction.
The first transfer was made to address "rPyCQ," which was just created yesterday. This transfer is the largest in the series, as the other two were 200 million XRP and just shy of that mark, for a total value of $202.76 million. The last one was worth 600 million XRP. All of these withdrawals were also made to newly created wallets.
<blockquote class="twitter-tweet">
 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 600,000,096 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> (304,143,285 USD) transferred from <a href="https://twitter.com/hashtag/Bithumb?src=hash&amp;ref_src=twsrc%5Etfw">#Bithumb</a> to unknown wallet<a href="https://t.co/terdUt7M8U">https://t.co/terdUt7M8U</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1853801103126680015?ref_src=twsrc%5Etfw">November 5, 2024</a>
</blockquote> 
According to the common opinion of crypto market participants, such withdrawals from major platforms to unknown addresses are rather a positive signal for the token. It is believed that it is most likely some major player who bought tokens and withdrew them to a wallet for storage, which is bullish.
In this particular case, however, it is likely that there is no mystery behind these transfers, just as there are no mysterious great whales.
<h2 dir="ltr" id="what-s-behind-mystery">What's behind mystery?</h2>
According to the<a href="https://x.com/XRPwallets/status/1853806755391689044">XRPwallets</a> account, which monitors large transfers of the popular cryptocurrency, these transfers are internal Bithumb transfers between its wallets. Meanwhile, it is estimated that 1.586 billion<a href="https://u.today/xrp-price-eyes-bullish-divergence-possible-scenarios">XRP</a> have already accumulated in the new addresses.
Thus, we can say that Bithumb is just doing some housekeeping, and there is nothing mysterious about these transfers. However, it cannot be ruled out that the first impression of these transfers will influence the further movement of<a href="https://u.today/xrp-skyrockets-54-in-volumes-as-market-recovers-from-229-million-sell-off">XRP</a>. <a href="https://u.today/mysterious-800-million-xrp-withdrawal-stuns-top-south-korean-exchange">Read original article on U.Today</a>

Mysterious $800 Million XRP Withdrawal Stuns Top South Korean Exchange

Table of Contents

U_Today

Other articles published on Nov 5, 2024

Market Uncertainty Shapes Bitcoin Whale Behavior During Election Week

Robinhood and Kraken Join Forces to Launch Global Stablecoin Network

Cardano Spotlights Stunning Growth Milestones as Chang 2 Upgrade Nears

Bullionz: The Future of Crypto Wallets with Real Gold Backing

Gate.io Shatters Records in Total Trading Volume in Q3 2024, With Its User Base Surpassing 17 Mil...

OKX Ventures, The Open Platform, and Folius Ventures Launch $10M Telegram Growth Hub

Join our free newsletter for daily crypto updates!