The cryptocurrency market is witnessing a significant on-chain development centered around XRP. Data from analytics firm CryptoQuant reveals that the number of XRP withdrawal addresses from the major South Korean exchange Upbit has surged to an unprecedented all-time high of 3,200. This represents a seismic shift from the subdued daily figures of between one and 53 addresses observed throughout the fourth quarter of 2025.
This new peak decisively surpasses previous notable surges recorded on December 15 and December 17, which reached 2,750 and 3,051 addresses respectively. The consistent breach of previous ceilings suggests a sustained and intensifying trend of assets moving off the centralized exchange.
Market analyst CryptoMāshī interprets this trend as likely pointing to large-scale investors, or "whales," accumulating significant amounts of XRP in cold storage. Historically, such accumulation phases have preceded notable price movements. The primary implication is a reduction in immediate sell-side liquidity on Upbit's order books, as tokens moved to private wallets exit the readily tradable supply on that platform. This can create a supply shock, easing immediate selling pressure and potentially stabilizing or bolstering the asset's price.
Simultaneously, blockchain tracker Whale Alert reported eight large transactions within a 24-hour period, moving a total of 702,707,023 XRP (worth over $1.2 billion at the time) between unknown wallets. The transactions included multiple batches of 60 million, 59,999,999, 131,353,512, and 100,000,000 XRP. The reasons remain unknown but could indicate over-the-counter (OTC) transfers or internal reshuffling by a major holder.
This activity occurs against a challenging market backdrop. XRP was trading down 4% in 24 hours to approximately $1.68 and down 13% weekly, part of a broader market decline that shook out leveraged crypto futures bets worth $591 million. XRP's daily RSI momentum indicator touched oversold levels at 30, increasing the potential for a relief rally if the broader market rebounds.
Upbit's role as a dominant exchange in South Korea, a region with high crypto adoption, makes this withdrawal event a key indicator of Asian market sentiment. The aggregate effect of these movements is a substantial decrease in readily available XRP supply on a major trading venue, signaling a potential shift in holder behavior toward long-term custody and accumulation.
