5.5 Billion XRP Vanishes from Upbit – Glitch or Secret Whale Move?

In a suspicious way, a 5.5 billion XRP withdrawal was seen on popular Korean exchange Upbit on June 25 after a number of analysts pointed out the CryptoQuant data. Notably, crypto withdrawals from exchanges are bullish news for the token. However, this mass move has left investors in a frenzy. Some speculate the massive whale moved while other says scam or glitch-like possibilities. Let’s discuss what’s happening.

Massive 5.5 Billion XRP Withdrawal Allegedly Detected on Upbit

According to the host of Good Morning Crypto, Abs’ tweet, 5.5 billion XRP has been withdrawn from Upbit. He includes a CryptoQuant chart and points at the sharp decline in the exchange’s reserve, which has declined from nearly 6 billion to just 1 billion.

Various other crypto analysts have presented a similar analysis, creating an immediate concern in the crypto community. Just a day ago, the return of the XRP’s ghost co-founder, Arthur Britto, was making headlines, but today, something fishy is happening with the crypto reserve.

XRP Community Speculation & Potential Reasons

Such a massive move is not very rare in the crypto market, but investors speculate on various reasons. More prominently, experts believe there could be a glitch in the CryptoQuant data. At the same time, others speculated that it could have large institutional players stocking up on the token amid its upcoming bullish events.

As the spot XRP ETF is due for the SEC’s approval, Ripple IPO news is also circulating, so there’s specific demand for the token. Interestingly, this demand is building despite the Ripple price struggles.

Is this a Glitch or a Secret Whale Move?

At press time, the Upbit exchange has not officially made any comments on the situation. However, the majority of the experts hint at the high probability of the glitch. Individual crypto analysts like TXBorn83, XRP_liquidity, and others alleged that there’s no actual movement on-chain.

Moreover, they claim that the data from XRPScan still shows the 6.06 billion token supply and no recent outflows. They noted that there are several wallets in Upbit, and the one labelled 12 to 21 holds about 5 billion XRP, while the other labelled Upbit 22 holds 1 billion. If anything has been made, it would have been from these, but there are no movements.

The analysts allege that even if it moves, Ripple must have sent these here and now moved to different locations where they were needed.

“Thru my tracking I believe these all in some way belong to Ripple and was placed at Upbit or bought from Upbit until they are ready to go where they need to go,” says XRP_liquidity.

Overall, most have hinted at the possibility of a glitch in the CryptoQuant data. Yet investors must await further information on the subject as there’s no clarity from Upbit or CryptoQuant. So this leaves the possibility of something else.