Upbit, South Korea’s largest crypto exchange, has been in the news lately as 20 million XRP worth $11.4 million were withdrawn from the exchange in just one hour.
According to Whale Alert, the funds were transferred to an unknown wallet and then further redirected to other addresses. While 4 million XRP was sent back to Upbit, the whereabouts of the rest of the funds are unknown.
This move comes at a time when the price and trading volume of XRP on Upbit are soaring. XRP’s price has risen by 27.4% in just the past three days, breaking through the 768 KRW per token mark today.
XRP has maintained its position as the most traded cryptocurrency on Upbit and Bithumb, the two largest crypto exchanges in Korea. It accounts for 35% of the total trading volume of $1.93 billion on Upbit and 42% of the total trading volume of $400 million on Bithumb.
XRP’s total turnover on Upbit is already at $674.77 million, nearly four times that of Bitcoin (BTC). The surge in XRP’s price and trading volume has been attributed to several factors, including Ripple’s recent announcement of a new partnership with a major Japanese bank, as well as rumors of an upcoming relisting of XRP on several major exchanges.
In the meantime, Upbit has assured its customers that their funds are safe and secure, despite the recent withdrawal of a large amount of XRP. The exchange has also stated that it will continue to monitor the situation closely and take all necessary steps to ensure the safety of its customers’ assets.
This news is yet another indication of the growing interest in cryptocurrencies, particularly in South Korea, where crypto trading has become increasingly popular in recent years. It remains to be seen how XRP’s price and trading volume will develop in the coming days and weeks, but for now, it seems that the cryptocurrency is on a strong upward trend.
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This article was republished from azcoinnews.com