XRP Price Surge Triggers 22 Million XRP Transfer From Major Korean Exchange

In a move mirroring broader cryptocurrency market enthusiasm sparked by the SEC's historic spot Bitcoin ETF approval, XRP experienced a robust 6.5% price increase today. This upswing was further amplified by a significant transfer of 22 million XRP, valued at roughly $13.13 million, from Upbit, South Korea's premier crypto exchange.

Whale Alert, a widely utilized blockchain transaction tracker, initially reported the movement, igniting speculation within the XRP community. The sizable sum was transferred from Upbit to an undisclosed wallet, prompting questions about the motive behind the action.

Adding to the intrigue, Bithomp data revealed that the recipient wallet, created in September 2023, swiftly distributed the XRP across major exchanges like Binance, Bitget, Bybit and BingX. Its current balance stands slightly above 951,723 XRP.

XRP price outlook

This sizable transfer occurred concurrently with XRP's impressive price ascent, propelling the token to $0.60. Trading volume also witnessed a noteworthy 25.3% surge over the past 24 hours, reaching $2.51 billion, per CoinGlass data.

Importantly, XRP retains its popularity on Upbit, solidifying its position as the fourth most traded token on the platform, claiming a 5.59% share of the exchange's overall trading volume.

While the whale's identity and intentions remain shrouded in mystery, the transfer undeniably contributes to the ongoing momentum propelling XRP. With the broader cryptocurrency market buoyed by ETF approval, XRP's recent surge and this substantial transaction suggest the popular token may be well positioned for further interesting developments.