Throughout the year, South Korean investors have shown a strong interest in the asset.

XRP remains a favorite of the majority of crypto enthusiasts worldwide, but recent trends indicate that South Korean investors are more interested in the currency. As a result, XRP has established itself as the most popular asset in South Korea based on transaction volume this year.

According to statistics from Kaiko, a cryptocurrency market information firm. Kaiko recently conducted a study of the leading altcoins in the cryptocurrency marketplaces based on trade volumes from the beginning of 2023. The analysis considered volumes across many exchanges, including Korea's four main exchanges and Coinbase.

Top Altcoins By Trade Volume in 2023

According to research conducted by Kaiko, the trade volume of XRP on the four major exchanges in South Korea has seen a significant increase, estimated to be around $16 billion since the beginning of this year. This figure is more than three times the combined trade volume of Nano (XNO) and Dogecoin (DOGE), which rank second and third respectively.

Remarkably, the trade volume of XRP on these exchanges exceeds the total volume of the next three assets in the rankings. The four largest exchanges in South Korea, namely UpBit, Bithumb, Coinone, and GOPAX, are the ones experiencing this surge in trade volume.

In the previous month, XRP outperformed Bitcoin in terms of trade volume on these exchanges. UpBit, one of the largest exchanges, had a 24-hour trade volume of almost $500 million for XRP alone. This remarkable increase in XRP trade volume followed a surge in its price, which started on March 21. This price rally generated a substantial demand for XRP.

Additionally, according to an earlier analysis by Kaiko, the surge in XRP trade volume was mainly fueled by Korean investors' demand. However, the market data provider revealed that this demand predominantly originated from retail investors in South Korea, rather than institutional investors.

Whale Accumulation Gains Steam

In addition to the increased interest among Korean investors, whales from various regions have continued to accumulate XRP, especially in anticipation of a positive outcome in the Ripple vs. SEC legal case. According to WhaleStats, the top 100 whales on the Binance Smart Chain currently possess approximately 52.6 million XRP tokens worth an estimated $26.87 million.

Moreover, a CoinMetrics map has revealed that the number of addresses that hold at least 10,000 XRP tokens has more than doubled since the SEC case began. It has risen from less than 120,000 in December 2020 to over 260,000 currently. As of the time of writing, XRP was trading at $0.5168, indicating a 0.22% increase in the past 24 hours.

Whales Continue to Accumulate XRP

chart from coin metrics

Source: thecryptobasic.com

Photo by Daniel Bernard on Unsplash

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

The crypto market faces a potential storm in January, with analyst Markus Thielen of Matrixport predicting a wave of rejections for all currently proposed Bitcoin spot ETFs by the Securities and Exchange Commission (SEC).
This unexpected news has triggered a sell-off across the market, sending major cryptocurrencies, including Bitcoin (BTC), XRP, Solana (SOL), and Cardano (ADA), tumbling.
Thielen’s analysis cites persistent shortcomings in the ETF applications as the likely cause for rejection. He believes these proposals still lack the necessary elements to address the SEC’s concerns about market manipulation and investor protection. While recent dialogue between applicants and the SEC offered glimmers of hope, Thielen remains firm in his assessment.
Pro crypto attorney John Deaton recently expressed his belief in an SEC rug pull ahead of the spot ETF approvals, and Thielen’s analysis adds credence to this stance.
The Fallout from the Report
Adding to the bearish sentiment is Thielen’s projection of the potential fallout from the SEC’s decision. Should all applications be rejected, he anticipates extensive liquidations within the perpetual long Bitcoin futures market, potentially leading to a 20% drop in Bitcoin’s price, pushing it back towards the $36,000 – $38,000 range.
Currently, the market reflects the analyst’s concerns. BTC dropped from over $45,000 to a 24-hour low of $40,813.53, before recovering slightly. The biggest cryptocurrency in the market is currently trading at $42,263.53, showing a 6.69% price drop over 24 hours.
Other major cryptocurrencies have not fared better. XRP is trading at $0.5644 with a 24-hour decrease of 10.22%. It fell from over $0.63 to a 24-hour low of $0.5393.
Solana (SOL) has also dropped below $100, its major resistance level, and is trading at $96.95, down 11.68% in the last day.
Cardano (ADA) also got hit massively by the rumor. ADA is currently trading at $0.5485 with a 10.61% price decline and other popular tokens like Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC), and Dogecoin (DOGE), are also feeling the heat of the destructive waves.
At $1.61 trillion, the market cap of the entire crypto market is down 7.50% with a further decline expected. The SEC might be looking to foil the hopes of crypto investors in the 2024 bull run, just like it hampered XRP’s progress with the lawsuit over the last few years.
However, amid the chaos, Thielen offers a light at the end of the tunnel. He maintains a bullish long-term outlook for Bitcoin in 2024.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Xrp #Solana $BTC $XRP $SOL

Whales Move Billions in Crypto During Market Dip: What Does It Mean?

During a recent market dip, whales have been on the move, transferring billions of dollars worth of Bitcoin, Ethereum, XRP, and Polygon. This indicates that high-net-worth individuals are using the opportunity to buy into the market.

According to Whale Alert, the biggest transfer was 10,000 BTC worth $269.4 million, moving from one unknown wallet to another. Other transfers included transactions to B2C2, Coinbase, Binance, and unknown wallets. Two significant Ethereum transactions totaling $164.4 million were also recorded, with transfers to Binance and an unknown wallet.

Moreover, XRP saw a movement of 50,000,000 XRP worth $20.95 million from Ripple to an unknown wallet, while another transaction saw 28,000,000 XRP worth $11.59 million transferred to Bitstamp. Additionally, one whale moved 30,000,000 MATIC worth $24.94 million from Polygon Staking to an unknown wallet.

Despite the dip in the market, the crypto market remains steady, with Bitcoin trading at $26,771, Ethereum worth $1,813, and Polygon trading at $0.862 at the time of writing.

Takeaways:

Whales are taking advantage of the dip in the market to buy into cryptocurrencies.

Billions of dollars worth of Bitcoin, Ethereum, XRP, and Polygon have been transferred by high-net-worth individuals.

The crypto market remains stable despite the dip.

Conclusion:

The recent movement of billions of dollars worth of cryptocurrencies by whales during a market dip may cause concern for some investors. However, it could also signal confidence in the market and present an opportunity for others to buy in at a lower price. Regardless of the market situation, it is essential to do thorough research and make informed decisions before investing in any cryptocurrency.

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While market gains some strength, it still needs another push to break throughBitcoin becomes bullish Cardano show's comeback potential The recent chart patterns for XRP have shown promising signs of a reversal from bearish to bullish sentiment. A significant factor supporting this outlook is the potential avoidance of a "death cross" event, where long-term moving averages cross over short-term averages, indicating a sell-off. Instead, XRP's EMAs indicate stability, setting the stage for an upward movement without the looming shadow of a bearish crossover.Looking at specific support and resistance levels, XRP currently finds staunch support at the $0.51 mark. If this level holds, it establishes a firm foundation for the asset's value to build upon. However, the volatile nature of cryptocurrency markets warrants consideration of a potential drop scenario. If XRP fails to sustain its support level, a dip below $0.51 could trigger a sell-off, leading to further downward pressure. In such a case, the next support at around $0.50 would be critical to prevent a steeper decline.The chart reveals no immediate extraordinary factors beyond the usual indicators, but the market's current disposition, influenced by global economic factors and sentiment within the crypto community, could play a pivotal role in determining XRP's direction.Bitcoin becomes bullishBitcoin's market trajectory has taken a bullish turn, demonstrating vigor reminiscent of the fervor that surrounded the rumored approval of a Bitcoin ETF. This robust upward movement signals a departure from speculative surges, suggesting the potential for sustained growth.The king of cryptocurrencies has shattered resistance levels that previously hemmed in its price, soaring past the crucial $44,000 mark. This breach not only signifies a resistance-turned-support level but also lays the groundwork for a climb toward the next psychological barrier at $47,000. If bulls maintain control, the push toward $50,000 could be imminent, reinforcing a bullish narrative across the crypto landscape.The market's enthusiasm is palpable, with Bitcoin exhibiting a resilience that could underpin a more extended period of appreciation. One standout feature on the chart is the convergence of moving averages in the mid-$40,000 range, which Bitcoin has successfully vaulted over, adding to the asset's bullish momentum. If Bitcoin fails to uphold its newfound support and succumbs to a sell-off, it could see a retracement toward the $42,000 support level. A drop below this floor may trigger a bearish outlook, but the robust support at $40,000 could serve as a substantial buffer against a more significant downturn.The chart's outstanding factors include a noticeable increase in trading volume accompanying the price hike, a testament to the growing interest and confidence in Bitcoin. Additionally, the Relative Strength Index (RSI) is approaching overbought territory, which could indicate a short-term pullback before any further upward movement. Cardano shows comeback potential Cardano is making waves with a potential comeback. As ADA aligns itself with broader market trends, it presents an appealing risk-reward ratio that could position it as a standout investment.Currently, ADA is trading above a critical support level at $0.50, a price point that has historically acted as a robust foundation for its value. This level serves as the linchpin for potential growth, with the asset eyeing the resistance at $0.56. A decisive break above this resistance could confirm a shift in momentum, setting the stage for a sustained upward journey. On the flip side, should ADA falter and breach the $0.50 support, it could face downward pressure toward the next substantial support near the $0.47 mark. A drop below this could lead to a bearish outlook, though the strong historical support at $0.42 offers a safety net against a price drop.#Xrp #Bitcoin #Cardano