Altcoin
Token Breaks $0.45 Resistance Amid Whale Activity, What’s Next?
XRP News: Ripple’s native crypto has garnered significant market optimism today as it reclaimed the $0.45 price level despite massive whale dumps. Notably, 68 million coins were moved to two centralized exchanges in the past 24 hours, regardless of which the token noted gains. This chronicle, emerging amid the looming Ripple lawsuit’s conclusion, has birthed a torrent of speculations on future price movements.
Here’s a quick overview of the crypto’s current market and on-chain statistics.
Whale Dumps 60M Coins To CEXs
In the latest XRP news, Whale Alert reported that the renowned address Rzn collectively shifted 68.13 million coins to the CEXs Bitstamp and Bitso over the past day. The first transaction pointed to 34.23 million coins, worth $14.88 million, shifted to the Bitso crypto exchange. Simultaneously, the second transaction flagged 33.90 million coins, worth $14.75 million, moved to the Bitstamp exchange.
These transactions, underscoring the presence of considerable selling pressure on the asset, have failed to pull the price down. The Ripple-backed crypto has, in turn, defied usual market sentiments, gaining unprecedentedly today.
Meanwhile, CoinGape Media has previously reported that the abovementioned XRP whale address has been making recurring similar dumps for quite some time. This has added a layer of intrigue to the whale’s movements and potential motive, painting an uncertain scenario over whether the dump is due to a loss of interest in the asset or a broader approach to another strategic move.
Simultaneously, with the looming end of the Ripple vs. SEC lawsuit, crypto market participants are extensively eyeing on-chain movements as the price could take a paradigm shift ahead.
Also Read: pbit Listing for ZETA and OMNI Leads Up to 40% Price Rally
XRP Price Springs
At press time, the XRP price saw a notable 3.12% increase in value to trade at $0.4515. The token’s 24-hour lows and highs were recorded as $0.4317 and $0.4528, respectively.
Coinglass data illustrated a 4.45% increase in the coin’s futures OI to $471.07 million, followed by a derivatives volume upswing of 25.16% to $916.56 million. Coupled with today’s price upswing, the derivatives data hinted at a market uptrend for the Ripple-backed asset.
Also, it’s worth mentioning that the RSI moved along the 45 mark, hinting that the asset is currently neither overbought nor oversold. The token currently awaits a potential takeover by bulls or bears, paving the way for further price shifts ahead.
Also Read: Galxe (GAL) and PolyMesh (POLYX) Surge Over 8%, Here’s Why
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In an effort to fuel market optimism, the leading crypto exchange Binance revealed an important update, sparking phenomenal gains in DEGEN price. A public announcement on Friday revealed that the crypto exchange is launching a perpetual contract for the mentioned crypto, sparking market discussions over its future price action. Meanwhile, traders also appear to have reacted positively to the listing announcement, as the coin’s intraday trading volume surged over 100%.
DEGEN Price Rallies On Binance Announcement
As per an official Binance announcement dated November 15, the crypto exchange is adding a DEGENUSDT (USD-Margined) perpetual contract today at 11:30 UTC. The announcement revealed that users on the platform remain poised to enjoy 75x leverage trading the asset.
Meanwhile, the exchange also plans to support Multi-Assets Mode for the crypto, offering enhanced flexibility and risk management for users. Further, the capped funding rate set by the exchange was at +2.00% / -2.00%. However, the leading crypto exchange also added that it could make potential changes in the contract ahead based on market risk conditions. These potential changes encompass adjustments in the funding fee, tick size, maximum leverage, initial margin, or maintenance margin requirements.
Nevertheless, the announcement appears to have set off optimistic waves for the token across the industry as DEGEN price rocketed amid a bull market.
DEGEN Soars 46%
At the time of reporting, DEGEN price surged 46% to trade at $0.02981. The coin’s intraday low and high were $0.01983 and $0.03272, respectively. Notably, intraday trading volume for the crypto soared 137% to $411.77 million. This bullish trajectory aligns with the aforementioned listing announcement.
Further, in light of the perpetual contract launch, the token’s futures OI witnessed gains worth 43% to $37.58 million. Moreover, the derivatives volume witnessed a 153% uptick to $125.94 million. Overall, this data showcases heightened investor increase in the asset.
In another similar chronicle, CoinGape Media reported recently that Sudeng (HIPPO) price skyrocketed following its perpetual contract launch on the same exchange. Notably, the token rallied 127% to date in the aftermath. This past chronicle has ignited substantial optimism over DEGEN price ahead. Crypto market enthusiasts continue to extensively eye the token for further gains ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Upbit, the leading South Korean crypto exchange, is under investigation for KYC violations during its license renewal process. The Financial Intelligence Unit (FIU) discovered over 500,000 cases of improper customer verification.
The violations have raised concerns about money laundering risks. The exchange’s ability to renew its license is now in jeopardy. Authorities are closely examining the full extent of the issue and its potential impact on the exchange future.
Major KYC Violations Found During Upbit License Renewal Process
Since the South Korea regulators, the Financial Intelligence Unit (FIU), started inspecting Upbit business license renewal applications in August, they’ve uncovered troubling violations. The KYC (Know Your Customer) process, a crucial measure to prevent money laundering, has reportedly been poorly executed.
According to a report by MK, over 500,000 accounts were flagged for failing to meet proper verification standards. These issues were primarily caused by blurred identification documents, which were submitted by users but still accepted. This raises concerns about Upbit’s commitment to maintaining regulatory standards.
The number of suspicious cases continues to grow as investigations proceed. The blurry IDs submitted by users, often with illegible names and registration numbers, were processed without proper verification. Such lapses not only undermine the integrity of the exchange’s KYC system but also leave the platform vulnerable to criminal activity. As the FIU delves deeper, the focus will be on how these violations will affect the platform’s future and its business license renewal.
The ongoing review will ultimately determine if Upbit’s license renewal is at risk, with potential fines and severe repercussions depending on the findings.
Regulatory Landscape and Future Outlook
The exchange is facing mounting pressure as its KYC violations threaten its license renewal. This scrutiny comes after Upbit faced an investigation for its dominant market position and ties to K-Bank, which further complicates its regulatory landscape. The ongoing investigation highlights the risks associated with unchecked growth in the crypto sector, leading to potential market instability.
In addition to the exchange’s ongoing issues, Radiant Capital (RDNT) is facing a trading suspension by the South Korea Digital Asset Exchange Association (DAXA). This move comes after the exchange failed to address security concerns following a recent breach.
DAXA has decided to halt RDNT trading, aiming to safeguard investors until the security issues are resolved. This action underscores the growing regulatory oversight in South Korea, where exchanges are facing heightened scrutiny to ensure compliance with financial regulations and protect users.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
After six consecutive days of inflows, the spot Ethereum ETF flows flipped negative again on Thursday, as the bullish sentiment driven by Trump-trade subsided. The ETH price also dropped 6% in the last 24 hours moving all the way to $3,000 losing over $22 billion in market cap.
Spot Ethereum ETF Flips Negative
After six consecutive days of inflows, the US Spot Ethereum ETF is once again seeing outflows. On November 14, Ethereum ETFs experienced a minor outflow of $3.24 million, the first since the Donald Trump victory on November 5.
Despite this, BlackRock’s Ethereum ETF (ETHA) saw a net inflow of $18.87 million in a single day. However, Grayscale’s ETHE played the spoilsport with nearly $22 million in outflows yesterday. Besides, inflows in other Ether ETFs have dried up significantly, as per the data from SoSoValue.
Following the Donald Trump victory on November 5, the spot Ether ETFs saw strong inflows as the ETH price rallied 40% on the weekly timeframe all the way to $3,400. However, since the November top, the ETH price has corrected nearly 10% as bulls try to defend $3,000 levels.
ETH Price Action in Choppy Market
Amid the recent ETH price action, popular crypto trader Credibull Crypto has started to build a position in Ethereum (ETH) and add further if Ethereum drops to $2,800, amid the current low-time-frame (LTF) price action and crypto market drop. The decision to increase their exposure is based on Bitcoin’s recent stability, which may prevent a quick pullback to the low $80k range and allow ETH to continue upward.
The trader notes that a small range is forming, pushing into local demand, with untapped local highs above. They are eyeing potential gains toward the $3,500+ level before reassessing. However, the trader emphasizes that the invalidation point for their higher-time-frame (TF) ETH strategy is at $2,350.
Watching this LTF PA develop on $ETH and have started positioning here. If we make it down to the ideal entry zone (sub $2800) I’ll add to my position.
Reason for going in more aggressively here is that BTC is holding up decently atm and if we don’t get a pullback to low 80k’s… https://t.co/681HswOBoI pic.twitter.com/TmwCxBLgbu
— CrediBULL Crypto (@CredibleCrypto) November 14, 2024
Popular trading account IncomeSharks suggests that traders who missed the initial entry opportunity might find a second chance near Supertrend support just under $3,000. The trader also added that the swift shift in market sentiment, as “a few red candles” have led to widespread pessimism and negativity toward the asset. However, he believes that there’s a strong potential for a rebound moving ahead. This can again lead to resuming the inflows for spot Ethereum ETFs.
A recent Ethereum price analysis hints that analysts have been making bullish predictions for the crypto, potentially hitting $4,000, by November end. However, it will require the support of the broader market to continue this rally ahead.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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