The cryptocurrency market has been abuzz with the sudden surge in XRP withdrawals from the Upbit exchange. According to blockchain analytics firms, the number of daily withdrawal transactions has skyrocketed from a typical range of five to thirty to over 3,400 since mid-December 2024.
This increase represents a staggering 11,000% rise compared to the upper bound of normal activity. Analyst CW, who first highlighted this trend, attributes it to holders moving their assets into private wallets, reducing immediate selling pressure on the exchange's order books.