Upbit, the 21st largest crypto currency exchange around the globe, has suddenly plummeted by 5.5 billion in Ripple (XRP) reserves. The sharp drop is particularly significant due to 5.5 billion XRP coins taking up 5.5% of the total supply.
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For some, this looked like a tricky move by a large crypto whale, as this could simply mean that large XRP token holders are willing to withdraw their XRP funds to self-custodial crypto wallets. On the other hand, the 5.5 billion XRP move could be a technical glitch in CryptoQuantโs data.
Whatโs Behind The 5.5B XRP Coin Splash?
Upon further investigation, DailyCoinโs dedicated research team established that the 5.5 billion drop in Upbitโs XRP reserves is most likely a misconception, as no blockchain records support this transfer. On the contrary, Upbitโs hot crypto wallets still hold approximately 6 million XRP tokens, shows data from XRP Scan.
So far, CryptoQuantโs representatives havenโt commented on the data, while Upbitโs staff also refrained from comments. Usually, a large reserve crunch could imply either long-term holding on self-custodial crypto wallets or a lesser demand in the token. However, in XRPโs case, the latter is unlikely to be true due to high trading volumes, exchanging billions of dollars per day.
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People Also Ask:
CryptoQuant reported 5.5B XRP withdrawn from Upbit, hinting at a whale move. DailyCoinโs research team found no blockchain evidence, suggesting a CryptoQuant data error.
Speculation points to a whale transfer, but XRPScan shows Upbit still holds 6.06B XRP. DailyCoinโs findings support a data glitch over a real transfer.
The reported reserve drop fueled talk of institutional moves or a Ripple IPO. Social media amplified the hype despite no blockchain confirmation.
DailyCoinโs research team found no transfer on the blockchain registry, backing claims by analysts like TXBorn83 that itโs a CryptoQuant API glitch.
XRP remains steady near $2.18, unfazed by the news. A push past $2.22 could signal a bullish breakout, per latest crypto currency market trends.
