Blockchain sleuth Whale Alert has noted a large transaction of Ripple-affiliated XRP tokens, millions of them, from the major crypto trading platform Upbit. This comes as the XRP price has seen a massive 20.71% rise over the last week.
In addition to the Upbit transaction, wallets tagged as “unknown” have also shoveled almost 40 million XRP to two other big crypto exchanges. These large transfers have taken place amidst the surge in XRP price.
Since Nov. 1, the fifth largest cryptocurrency XPR has been staging a stable rise (+29.11%), which led to a peak of $0.7234 on Nov. 6. The XRP price followed the rise of Bitcoin, which recently reached the $40,000 level before pulling back.
A total of 21 million XRP was withdrawn from Upbit as the price surged. This amount was then transferred to a cold wallet, a move in line with the advice of crypto influencers to not store one’s crypto on exchanges and their hot blockchain addresses.
Meanwhile, two other large XRP transfers were spotted, with 22,500,000 XRP and 16,300,000 XRP sent to the Bitstamp and Bitso exchanges, respectively. These transactions are part of a trend of similar XRP deposits to these exchanges over the past few months, often made by a wallet related to Ripple Labs.
Bitstamp and Bitso are Ripple’s partners, working with the Ripple Payments product to make low-cost and fast transnational payments based on RippleNet. These transactions indicate continued activity within the XRP ecosystem, even as the price of the digital asset continues to see significant fluctuations.