22M XRP Tokens Scooting Off Exchanges-Hot or Not? 💸🤔

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According to the lively brain of crypto researcher Leonidas Hadjiloizou, a flock of 22 million XRP tokens have managed the seemingly audacious feat of abandoning their cozy homes on the major cryptocurrency exchanges during the first week of the new year. 🕵️

The numerically dextrous analysis, which daintily picks out wallets boasting at least 1 million XRP, reveals a drop in the total balance on the monitored exchanges of a mere 0.14% since December 31. Yet, to label this as a “supply shock” might be engaging in slightly gross exaggeration. You see, XRP sees a veritable Broadway performance in daily trading volumes, to the tune of $2-$4 billion. At the price of roughly $2.20, that is like saying every day, somewhere between 1 and 2 billion XRP tokens are swapping hands like shillings in a jolly old Cockney market during the rush hour. A move of 22 million XRP is akin to spotting a solitary bean in your extensive garden and being floored by it-merely about 1% of a day’s boisterous trade. 🌼📈

The ‘Kimchi’ Drain

Still, this data dishes out its own quirks, deciding to throw the spotlight on a puzzling divergence in regional preferences. The most dramatic departure was orchestrated by the South Korean exchanges, much like a particularly dramatic act of third-act betrayal in a Wodehouse play.

South Korean traders have often played the role of string-pullers in XRP rallies, reminiscent of their contributions last year. Upbit, the principal Korean exchange in the piece de resistance of trading platforms, was seen partaking of a sizeable 36 million XRP’s tender affection for freedom. Meanwhile, Bithumb, another Korean colossus of exchange, refused to be second best, with its own exodus of nearly 8 million XRP tokens making a noisy exit. 🌀

In an utterly unsurprising twist, Binance, the veritable titan of exchanges across the globe, found itself becoming a hospitable haven, gaining nearly 28 million XRP in its flock. Crypto.com, not to be put in the embarrassing position of not caring for new friends, also enjoyed an inflow of a sprightly 9 million XRP. It’s almost like XRP is attending a grand transcontinental soiree, deciding between a luxurious stay at Binance or a splendid sojourn at Crypto.com! 🏨

XRP’s Plummet

In the meantime, the narrative takes a turn towards a rather dramatic predicament for XRP. The capital-affiliated token faced a rather harsh corrective experience, plunging by more than 7% within the span of 24 hours. Picture, if you will, champagne bubbles disappearing under the weight of a scorned lover’s woes. The buyers found themselves unexpectedly winded, flat out exhausted, right around the $2.38-$2.40 boundaries, much like young Adrian reluctantly acknowledging his Higher Power in Between the Covers. Needless to say, this dampened hopes for a soufflé-esque sustained rally. 📉🍾

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2026-01-08 11:11