CryptoQuant shows Upbit’s XRP dropped from over 6.5 billion to nearly 1 billion in one sharp move.
The XRP price stayed strong at $2.10 even after the sudden 5.5 billion token drop from the exchange.
Many users now believe big institutions or unknown buyers could be behind this large XRP withdrawal.
A massive 5.5 billion XRP was reportedly withdrawn from the South Korean crypto exchange Upbit, triggering widespread industry speculation. A CryptoQuant chart revealed a sharp and sudden drop in XRP's exchange reserve on the Upbit platform. The change occurred swiftly on June 24, 2025, raising questions about the purpose behind the withdrawal.
Source: X
The XRP price at the time hovered near $2.10, remaining relatively stable despite the exchange's large outflow. The drop was visualized as a steep vertical line, indicating a near-instant reduction in XRP holdings on the platform. Observers online began questioning if institutional buyers were responsible for the unexpected drain.
Sudden Drainage Raises Market Eyebrows
Data from CryptoQuant shows that Upbit’s XRP reserves plummeted from over 6.5 billion to just above 1 billion tokens. The platform had consistently maintained high XRP liquidity until the sharp fall, which now registers as the lowest since late 2021. Traders, analysts, and crypto users quickly turned to social media to share reactions and potential implications.
This sharp drop was captured in a chart that paired XRP's price with its reserve volume on Upbit. While the price line remained mostly stable, the reserve line collapsed downward. A red arrow and box in the graphic highlight the stark contrast between past volumes and current holdings.
The exact destination of the drained XRP remains unknown. No major wallet address or transaction source has been publicly identified as of now. Given the scale of the transaction, users speculated on institutional activity or internal platform restructuring.
Social Media Reaction and Speculation Surge
The post, originally shared by a popular crypto user on X (formerly Twitter), has since gained over 250,000 views. Comments under the post questioned if financial entities or multiple exchanges were involved in similar actions. Several users suggested that it may not be isolated to Upbit alone.
While some suggested links to Flare Networks or banks accumulating assets, no confirmation has been issued by Upbit or Ripple. Despite the absence of concrete details, the event triggered strong engagement across XRP communities. The price, as of the last report, remained around $2.10, showing resilience despite liquidity shifts.
One user commented, “Could it be banks and financial institutions buying up?”—capturing the core uncertainty now driving market discussions. This withdrawal event could indicate rising interest or a deeper strategic move within the XRP ecosystem. Still, without further official statements, speculation continues to grow.
Market Impact and Questions Remain
The timing of this drain follows a period of relatively stable XRP movement across major exchanges. It also aligns with a recent increase in on-chain activity for XRP Ledger transactions. Data providers like CryptoQuant have not flagged any similar mass outflows from competing platforms.
With such a large volume pulled from one exchange, investors are asking: who is behind the 5.5 billion XRP drain, and why now?
Analysts remain watchful for movements of the withdrawn tokens or statements from Upbit to confirm the nature of the transfer. Until then, the XRP community continues to monitor for signs of redistribution or long-term holding patterns.
