upbit

A dubious 5.5 billion $XRP return claim has sparked intense speculation in the Ripple community, but it's likely a hoax.
XRP's return is booming on popular Korean exchange Upbit, as Onchain Analytics reported 5.5 billion Ripple tokens missing today.
The leading cryptocurrency gained momentum at the start of the year and hit multi-month highs. However, it has since lost its name and is stuck in a massive consolidation.
Now this massive move of 5.5 billion tokens has raised more concerns, so is the move just a glitch, or are the whales hoarding the tokens? Let’s discuss.


Upbit reportedly detects 5.5 billion XRP withdrawal
According to a tweet by Good Morning Crypto host, Abs, 5.5 billion $XRP has been withdrawn from Upbit.
It includes a CryptoQuant chart and points to a sharp decline in the exchange's reserves, which have dropped from nearly 6 billion to just over 1 billion.

Various other crypto analysts have offered similar analysis, prompting immediate concern in the crypto community. Just a day ago, the return of XRP's past co-founder, Arthur Brito, made headlines, but today, something is going wrong with the crypto-reserve.
Speculations and possible reasons from the XRP community
Such a big move in the crypto market is not uncommon, but investors speculate on various reasons. More precisely, experts believe that there may be an error in crypto-quant data.
At the same time, others speculated that large institutional players could stockpile on the token amid its upcoming bullish events.
As the Spot $XRP ETF is pending SEC approval, news of Ripple IPO is also circulating, so there is a certain demand for the token. Interestingly, this demand is increasing despite the price wave.
Is this a glitch or a hidden whale movement?
At press time, the Upbit exchange has not officially commented on the situation. However, the majority of experts point to a high probability of error. Individual crypto analysts such as TXBorn83, XRP_liquidity, and others have alleged that there is no real movement on-chain.
Moreover, they claim that XRPScan data still shows a token supply of 6.06 billion and there are no recent outflows.
He noted that Upbit has several wallets, and one labeled 12 through 21 holds about 5 billion XRP, while another labeled Upbit 22 holds 1 billion. If anything is created, it would be from them, but there is no movement.

Analysts allege that even if it did move, Ripple would have sent them 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 pointed to the possibility of error in crypto-quant data. Still, investors should wait for more information on this topic as there is no clarification from Upbit or CryptoQuant. So that leaves the possibility of something else.
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