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Whale’s Move: $19.5 Million XRP Shifted To Exchange, Massive Sell Off On The Horizon?

Whale Alert, a renowned blockchain tracker, reported a substantial transfer of XRP tokens to the Bithumb crypto exchange. This transfer, involving over 32 million XRP tokens valued at roughly $19.5 million, originated from an unidentified wallet and was executed today at 05:15:10 UTC.

The substantial nature of this transaction places it firmly in the category of ‘whale transactions,’ which are often scrutinized due to their potential influence on market dynamics.

In the crypto space, such significant transfers are typically indicative of strategic moves by influential players within the market.

While the specific intention behind this transaction remains undisclosed, and the whale’s identity is unknown, its occurrence has not led to any notable immediate price fluctuations in XRP, with only a marginal decrease of 0.1% observed so far.

Massive Sell-Off On The Horizon?

Historically, the transfer of substantial amounts of crypto to exchanges by whales has been linked with either an intent to liquidate or to swap for other digital assets. This makes such movements anticipated to result in a price drop following a significant sell-off.

However, a technical analysis of the current situation suggests a different narrative for XRP. Looking at the asset’s chart on the 4-hour time frame, XRP has recently tapped into an order block on the sell side, which could signal an impending price reversal to the upside in trading parlance.

XRP price chart on Tradingview

Mainly, an order block in financial markets is essentially a zone where the initiation or absorption of a large volume of orders occurs. It is considered a crucial area on price charts, as traders often expect a reversal when the price taps into these zones.

In essence, an order block represents a consolidation area where significant trading activities previously took place, and revisiting these zones can often lead to a shift in market momentum.

So far, XRP has shown signs of reversal after tapping this orderblock. Particularly, the asset has moved from the price zone of $0.59, where the order block is located, and surged past $0.61 before showing a current retracement that brings its price to trade at $0.60.

Bullish Forecasts for XRP

Meanwhile, the XRP community has been witnessing a series of optimistic analyses from prominent crypto market analysts. Notably, Egrag, a renowned figure in the crypto analysis sphere, recently shared his insights on XRP, indicating a potential bullish reversal for the digital asset.

His analysis identified an inverse head and shoulders (H&S) pattern on XRP’s chart, a technical indicator often suggesting a trend change from bearish to bullish.

This positive sentiment is echoed by another market analyst, Ali Chart, who has projected a promising future for XRP. Ali’s analysis shows that the altcoin seems to be making a decisive break from a descending parallel channel.

According to his assessment, such a breakout could propel XRP’s price to the $0.65 to $0.66 range. These analyses collectively paint an encouraging picture for XRP, hinting at a potential shift in momentum and opening the possibility for significant price movements in the near term.

Featured image from Unsplash, Chart from TradingView

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South Korea Crypto Exchanges Upbit And Bithumb Probed Over Lawmaker’s Scandal

On Monday, a local news outlet reported that South Korea’s Upbit and Bithumb crypto exchanges are under investigation by the Seoul Southern District Prosecutors Office over suspicions concerning lawmaker Kim Nam-kuk’s digital assets.

Officials said they are currently investigating whether Kim used insider information to acquire his massive digital assets worth around $4.5 million and to find out their origin. As part of the probe, prosecutors raided Upbit and Bithumb earlier today and seized transaction records and other materials.

Opposition Lawmaker’s Scandal

The investigation has caused a stir, with many questioning the source of Kim’s digital assets. And how he managed to accumulate such a significant amount of money. Accusers have alleged that Kim, a first-term lawmaker, owns around 800,000 Wemix coins.

The report deemed this amount inconsistent with his frugal image. Additionally, Kim faces accusations of trading cryptocurrency assets while attending at least two meetings of the judiciary committee of the National Assembly in May and November of last year.

Notably, Upbit and Bithumb are two major South Korea’s largest crypto exchanges. But this is not the first time they have come under scrutiny.

In 2018, Upbit was investigated over allegations of fraud after it was accused of inflating its balance sheets. However, the exchange was later cleared of any wrongdoing.

Bithumb, on the other hand, was hacked twice in 2018. The hack resulted in the loss of millions of dollars worth of crypto.

South Korea Stance On Crypto

South Korea has since been a major player in the world of crypto. However, the country has been taking a more cautious approach toward the regulation of digital assets in recent years.

In February, South Korea’s Financial Services Commission (FSC) announced new rules for cryptocurrencies. The rules required all virtual asset service providers to register with the agency and comply with strict anti-money laundering regulations. The move was seen as a step toward greater regulatory clarity and oversight in the crypto industry.

Despite the tighter regulations, South Korea remains a hub for cryptocurrency activity, with some of the world’s largest crypto exchanges, such as Bithumb and Upbit, based in the country. However, the government has also been cracking down on illegal crypto-related activities, including fraud and money laundering.

It is worth noting the recent investigation into Upbit and Bithumb is likely to have an impact on the country’s cryptocurrency industry. This is because the two exchanges account for a significant portion of the country’s trading volume.

The outcome of the investigation could also serve as a warning to other exchanges to be vigilant and comply with regulations to prevent fraudulent activities.

In addition to regulatory efforts, South Korea is also exploring the potential of blockchain technology to improve various sectors, such as finance, healthcare, and logistics. The country has launched several blockchain initiatives and projects, including a government-backed pilot program to track beef exports using blockchain technology.

While South Korea remains a key player in the global crypto landscape, it is also taking a measured and cautious approach to regulating the industry to ensure investor protection and prevent illicit activities.

The total crypto market cap price chart on TradingView

Regardless of the increased regulations in the crypto industry, the global crypto market has maintained composure. Over the past 24 hours, the global crypto market capitalization has surged nearly 2% with a value looking to reclaim the previously recorded $1.2 trillion.

Featured image from, Chart from TradingView.com