5.5 Billion XRP Disappears from Upbit: Glitch or Secret Whale Transfer?

A report of 5.5 billion XRP withdrawal from Korean crypto exchange Upbit has sent the Ripple community into a frenzy.

Written by: Arslan Butt • Wednesday, June 25, 2025 • 2 min read

• Last updated: Wednesday, June 25, 2025

Quick overview

A report of 5.5 billion XRP withdrawal from Upbit has caused excitement and speculation in the Ripple community.
Analysts suggest the reported drop in XRP reserves may be due to data glitches rather than actual withdrawals.
Despite initial concerns, on-chain analysis shows no evidence of a significant transfer on the XRP Ledger.
The situation remains uncertain as experts consider the possibility of internal wallet transfers or liquidity movements by Ripple.

A report of 5.5 billion XRP withdrawal from Korean crypto exchange Upbit has sent the Ripple community into a frenzy. The data, first flagged by crypto influencer Abs on Twitter, shows Upbit’s XRP reserves dropping from 6 billion to 1 billion tokens according to a chart from CryptoQuant.

This has sparked a lot of commentary across social media. Some see it as a big institutional move as we approach events like a possible Ripple IPO and the long awaited XRP spot ETF approval by the SEC. But without any official confirmation from Upbit or CryptoQuant, the questions quickly turned to the data itself.

Ripple’s token has been bullish this year but has since consolidated. With such a big move in reserves, many are wondering if this is the start of accumulation or just an error.

Experts Say It’s a Data Glitch

Despite initial fears of a big transfer, several XRP analysts are pushing back on the panic, saying the CryptoQuant data is flawed. Analysts including TXBorn83 and XRP_liquidity note that XRPScan still shows Upbit holding 6.06 billion XRP with no recent outflows.

Key points from on-chain analysis:

No 5.5B XRP transfer on the XRP Ledger
Upbit’s labeled wallets (12–21 and 22) still show original holdings
No matching outflows seen in public transaction records

This confirms the theory that the drop in CryptoQuant’s exchange reserve metric is just a misclassification of wallet labels or temporary data syncing issues and not an actual withdrawal.

Is it a Whale Move?

While the glitch theory holds weight, not all experts are ruling out the possibility of internal wallet transfers or Ripple managed liquidity movements. XRP_liquidity says:

“I think these tokens still belong to Ripple, possibly placed at Upbit or bought from Upbit, waiting to be relocated.”

This adds another layer to the debate especially since Ripple has been known to manage large pools of XRP for institutional partnerships and ecosystem incentives.

Until official statements are made, we wait for Upbit or CryptoQuant to clarify if this is an internal reshuffle, a data error or a hidden whale preparing for a bigger move in the XRP market.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.