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XRP Whales Moves $47 Million To Exchange, As Price Dips

XRP whales are on the move again, as on-chain data reveals that the crypto asset has witnessed a massive whale activity in the past day, which has led investors and the crypto community to ponder on the reasons behind these large transactions.

Whale Transfers 47 million XRP To Cryptocurrency Exchanges

A report has shown that a whale has shifted approximately 47 million XRP tokens to crypto exchanges. Data from the on-chain tracker Whale Alert revealed the funds were moved to centralized exchanges (CEXs) in two distinct transfers. 

The two whale transactions came in light of the token experiencing a price decline. The first transfer saw about 24,800,000 XRP tokens valued at $15,463,840 being moved to the crypto exchange Bitso. Data from the on-chain tracker shows that the unknown wallet address r4wf7enWPx…5XgwHh4Rzn made the move 11 hours ago.

The second transaction shifted about 23,800,000 XRP which was valued at $14,840,298 at the time of transfer. Whale Alert reported that the same wallet address mentioned above also made the transfer to another crypto exchange Bitstamp.

This is not a surprise as the stated wallet has been making such huge transfers to both Bitso and Bitstamp exchanges. On Wednesday, December 27, the same wallet address was reported moving over 49 million XRP to the centralized exchanges.

The whale transaction also took place in two distinct transfers. The wallet address moved 22.90 million XRP valued at approximately $14 million to Bitstamp. Meanwhile, the second transaction was reported to have witnessed 16.50 million XRP worth about $10.43 million moved to the Mexican-based exchange Bitso.

The movement of XRP to the stated CEXs via the same wallet address has become a regular occurrence in the cryptocurrency space.  This might be due to Ripple‘s strategic partnership with Bitstamp and Bitso, in which the CEXs make use of Ripple’s payment services.

Could The Price Of The Crypto Asset Reach $2,500?

Crypto expert Egrag Crypto recently revealed an intriguing story of his conversation about the pricing of XRP with a prominent banker. The analyst shared the story with the entire crypto community on the social media platform X (formerly Twitter).

The conversation revolved around the token, as both figures examined how the altcoin might reach a value of $2,500 soon. The discussion arose when the banker challenged Egrag to clarify how 40,000 XRP could ultimately equal $100 million.

XRP

Taking up the challenge, Egrag showed the banker how the asset would reach $2,500 using a chart he posted alongside. According to the chart, the token might reach this price level by 2029. 

Due to this, the banker has considered the digital asset a long-term investment, as he believes it could result in enormous gains by then.

Currently, the token’s price is sitting at $0.629, indicating a decline of about 1.60% in the past 24 hours. Its trading volume is also down by over 20%, while its market cap is down by 1.68%.

XRP

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Nansen’s Crypto Crystal Ball: AI Integration And A Potential Plot Twist In 2024?

As 2024 approaches, crypto analytics firm Nansen offers insightful predictions for the crypto sector, anticipating significant developments and shifts. Despite cautious optimism, they acknowledge a 10-20% chance of inflation resurgence after the US Federal Reserve (Fed) pivot, potentially impacting crypto prices.

Related Reading: Ethereum Price Close Below $2,120 Could Spark Larger Degree Decline

As of this writing, the total crypto market capitalization is $1.5 trillion on the daily chart and seems poised for further upside in the long run.

crypto total market nansen btc btcusdt eth ethusdt

AI As Primary Use Case: The New Hot Thing In 2024?

According to the firm, a key high-conviction bet for 2024 is the emergence of Artificial Intelligence (AI) agents as primary blockchain users. Integrating AI and blockchain is expected to “advance rapidly, enhancing blockchain performance and broadening use cases.”

This development signifies a crucial step in the blockchain world, potentially transforming how transactions and interactions are processed on the network.

Another focus area is the intent-centric applications that address user experience (UX) challenges in the crypto space. These applications are designed to simplify user interactions with networks, removing complexities and making the technology more accessible to a broader audience.

As seen in the chart below, the integration between AI and crypto is already paying off for early investors. Despite the persistent downside pressure recorded across the board, the AI tokens sector has been among the best-performing in the nascent industry.

nansen crypto btc btcusdt eth ethusdt

2024 is also projected to be a pivotal year for decentralized exchanges (DEXs). Nansen forecasts that DEXs will gain significant market share from centralized exchanges (CEXs), driven by monetary incentives and innovative features.

This shift could mark a fundamental change in the crypto trading landscape, emphasizing the growing importance of decentralized financial systems. Since 2020 and 2021, DEX has been gaining ground over CEX, and the trend might favor the former in 2024.

Finally, Nansen believes that the largest and most trusted cryptocurrency, Bitcoin, is expected to secure a broader range of use cases beyond simple transactions. This expansion could open new avenues for Bitcoin and highlight its versatility and robustness as a digital asset.

Use cases such as non-fungible tokens (NFTs) already gained popularity in 2023, and this trend might continue. However, some Bitcoin community members are fighting the change, which could hinder its adoption and implementation.

Nansen: Market Scenario Analysis For 2024

The potential scenarios for the crypto market in 2024 depend a lot on the macroeconomic situation. In a “soft landing” situation, where inflation slows without drastically increasing unemployment, crypto prices are expected to grow steadily.

However, there’s also the possibility of a re-acceleration of inflation or a recession, which would pose challenges for crypto prices and change the bullish narrative. Nansen’s analysis also acknowledges structural drivers likely to influence the crypto market, such as the statistical boost around Bitcoin’s halving.

These structural drivers also include the adoption of blockchain by major traditional players and regulatory clarity, particularly around a BTC spot Exchange Traded Fund (ETF) in the US. However, unknowns like geopolitical events and macroeconomic shifts could significantly impact the market.

In conclusion, Nansen’s research presents a nuanced view of the crypto market in 2024, highlighting potential growth areas like AI integration and DEXs while remaining aware of the challenges ahead. The year promises to be crucial for the crypto sector, with significant developments expected in technology integration, market structures, and regulatory landscapes.

Cover 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