$68,753,451 XRP Stun Largest Korean Exchange as Price Drops, Here’s What Really Happened

Prominent blockchain sleuth Whale Alert, which tracks large cryptocurrency transactions, has identified a massive XRP transfer worth tens of millions of XRP. The transfer was made from the largest cryptocurrency trading platform in South Korea, Upbit.

However, additional details revealed by another on-chain tracker have shed light on the nature of this transaction.

Meanwhile, the coin’s price has slipped over the past 24 hours, unable to stay above $3.08.

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23,000,000 XRP on move

The aforementioned data source published a tweet, spotting 23,000,000 XRP being moved from the biggest crypto exchange in South Korea, Upbit, to a wallet tagged as anonymous. The transfer took place approximately four hours ago.

The fiat equivalent of this sum in crypto constitutes $68,753,451. The crypto community immediately began sharing their opinions, mostly suspecting a large whale making a big XRP purchase on the dip, as the price has gone down to $3.

Here’s what really happened at Upbit

Details revealed by XRPscan show that while the Upbit exchange indeed made the initial transaction, the receiving anonymous wallet immediately transferred the 23,000,000 it received to three crypto wallets.

Those wallets also belong to Upbit, which basically makes this transaction an internal diversification XRP transfer.