A significant transfer of Ripple XRP/USD tokens was carried out from South Korea's leading cryptocurrency exchange Upbit, according to cryptocurrency tracking service Whale Alert.
20 million XRP, valued at $11.4 million, was withdrawn from Upbit and transferred to an unknown wallet.
The funds were then redirected to other addresses, with 19 million XRP being transferred and 4 million XRP being sent back to Upbit, according to Whale Alert.
The move of such a large amount of XRP coincided with an increase in the cryptocurrency's price and trading volume against the Korean won (KRW) on Upbit.
In fact, XRP broke through the 768 KRW per token mark, posting a remarkable 27.4% increase in just the past three days.
Also Read: FTX's Asset Sale Approved By Judge: Abu Dhabi Strikes Big
It seems that Korean crypto investors are max bidding XRP, leading to an increase in its value and trading volume.
In terms of trading volume on Upbit, XRP continues to dominate with a 35% share of the $1.93 billion total.
As a result, XRP's total turnover on Korea's largest crypto exchange has already reached an impressive $674.77 million, which is nearly four times that of Bitcoin.
In fact, according to CoinMarketCap, considering that XRP trades on all known cryptocurrency exchanges, the combined volume will be a staggering $4 billion.
To put the hype surrounding XRP into perspective, the combined trading volume for XRP was 33% lower just 24 hours ago. At the time of publication, the price of XRP is up 28% in the past 24 hours at $0.55.
Read Next: Comeback Story: Startup Recovers From A $8M Hack With A New Investment, Rebranding
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
