blockchain tracker Whale Alert reported that 25,000,000 XRP—valued at $65.25 million—exited Upbit, South Korea’s largest cryptocurrency exchange, to an unknown wallet. The transfer, occurring at a price of $2.61 per XRP, comes amid a crypto market rally sparked by President Donald Trump’s weekend pledge to include XRP in a U.S. strategic reserve. XRP surged 24% in the past 24 hours, hitting $2.71 by 3:32 AM PST, as the total crypto market cap jumped $300 billion, per CoinGecko.
South Korea has long been a crypto hotspot, with Upbit commanding over 80% of the nation’s trading volume. The exit of 25 million XRP aligns with a pattern of whale activity—large investors moving assets off exchanges into private custody, often a bullish signal. Posts on X suggest this could reflect confidence in XRP’s trajectory, especially after Trump’s March 2 Truth Social post naming it alongside Bitcoin, Ethereum, Solana, and Cardano for a U.S. reserve. The coin’s price has climbed from $2.17 late Sunday, buoyed by this news and broader market recovery.
The timing is notable. South Korea’s crypto scene faced chaos in December 2024 after martial law briefly rocked markets, crashing Bitcoin to 88 million KRW ($64,000 USD) before rebounding. Upbit and peers logged a record $34 billion in 24-hour volume then, per CoinMarketCap. Today’s XRP move, however, contrasts with that panic. With $4.84 billion in XRP traded across exchanges in the last 24 hours, per U.Today, this withdrawal represents a small but significant slice, hinting at strategic positioning rather than a mass exodus.
What’s driving this? Beyond Trump’s endorsement, XRP’s fundamentals shine. Ripple’s cross-border payment network, bolstered by a February 27 announcement that Busan’s BDACS will use Ripple Custody for institutional XRP holdings, underscores utility. Yet, the whale’s identity—whether an individual, institution, or Upbit itself—remains unclear. Past transfers, like 20 million XRP ($51.8 million) leaving Gemini on February 23, suggest such moves often precede price swings or long-term holds.
I’ve watched XRP evolve since Ripple’s 2012 launch, from a banking experiment to a $149 billion market cap titan. This Upbit withdrawal echoes 2021’s whale buys before XRP’s $1.96 peak. But risks loom: a U.S. reserve needs Congressional assent, and a $1.5 billion Bybit hack last week has traders wary. XRP’s RSI at 62 nears overbought territory, hinting at a potential pullback if momentum fades.
For now, the 25 million XRP exit from Upbit underscores South Korea’s role in crypto’s global pulse. Whether this whale is betting on a U.S. reserve or simply riding the rally, XRP’s spotlight burns bright as March unfolds.
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