Profit-taking on Ripple's XRP exceeds $4 billion due to whale behavior
Ripple's XRP fell when South Korea proclaimed martial rule. Over the last three days, XRP whales have earned $4 billion.
XRP might reach a record high if it rebounds over $2.58. Ripple's XRP fell 5% on Tuesday after South Korea declared martial rule, prompting investors to sell and take profits. Whales are purchasing more remittance-based tokens as they try to recover.
South Korean exchanges halted trade, affecting XRP's surge.
as a strong week, XRP fell 7% on Tuesday as South Korean President Yoon declared martial rule. Investor panic selling caused Korean exchange rates to deviate from the spot market.
XRP fell momentarily to $1.89 on South Korean crypto exchanges Upbit, which has the biggest centralized XRP reserve, and Bithumb before they suspended trading. XRP holders' concentration in the area caused the decrease.
The remittance-based token's 24-hour trading volume has increased to $44.5 billion, second only to USDT and Bitcoin in the crypto market, according to Coinmarketcap. Since XRP recovered from its $2.40 spot market lows, buying activity is anticipated to dominate the volume.
Whales have consistently increased their holdings while XRP investors have made almost $4 billion in gains in the previous three days.
In a Tuesday X post, FalconX Head of Revenue and Business Austin Reid said institutional accumulation is driving XRP's surge. FalconX volume increased 10x between Q4's first and second halves. Institutions are driving this, not just retailers "Written Reid.
According to CoinShares' digital assets weekly report, Ripple investment products saw their largest weekly net inflow of $95 million. As anticipation rise, the SEC may approve US XRP ETF filings.
XRP is challenging the $2.58 level of a crucial rectangle channel following $86 million in liquidations in 24 hours, surpassing Bitcoin's, according to Coinglass. Long and short liquidations were $41.74 million and $44.91 million.
