Whale movement of XRP has never been higher; in fact, it’s already the highest recorded. This is a clear signal that demand for the asset is on the rise.
This is coming as Upbit holds a $3.8 Billion trading volume, surpassing even Bitcoin’s. XRP’s price action could cause major market motion, with $195 Million in short positions at risk.
Record High XRP Whale Activity Suggests Bulls are Preparing Another Move
Whale activity on XRP has surged to a record high. According to CryptoQuant, big investors are getting more involved with XRP. This isn’t surprising since whale to exchange flow volumes are climbing to new highs.
The activity growth indicates the increasing presence of high net worth individuals in the XRP market. Therefore, a change in market dynamics is likely.
Accordingly, the number of whale transactions with exchanges has increased as XRP’s price has also risen.
Such whale activity is important because it’s indicative of XRP’s growing role in large buyer portfolios and it’s role in the market.
This uptick in whale transactions could be an indication that people are growing more and more confident in XRP’s long-term value and utility, analysts say. More volatility may lie ahead, perhaps even a rally, as big investors are becoming more involved.
Whale activity is generally taken as a market indicator, and the spike’s trend, therefore, hints at the possibility of a price rise of XRP, attracting more investors.
Record Trading Volume on Upbit Drives XRP Rally
Massive activity on South Korean exchanges (Korean exchanges top the list) has driven XRP trading volumes to extraordinary levels.
One of Korea’s largest cryptocurrency platforms, Upbit, reported that traders swapped $3.8 Billion in XRP over the past 24 hours. At 90 Billion, this wagers far above XRP trading on Binance and is greater than Bitcoin trading volume on the exchange.
Another key Korean exchange, Bithumb, also saw a big spike in XRP trading, reaching $1.2 Billion. This accounts for 32% of Bithumb’s total volume and will help solidify XRP’s dominance of the Korean market.
XRP’s price jump of 29.32% to $2.43 was directly come from this activity on these exchanges.
According to experts, the utility combined with widespread adoption in the region makes XRP popular among Koinex’s Korean users. The volume of trades on Upbit and Bithumb are indicative of XRP’s force in its market position across Korea.
The rising demand for XRP is starting to show the platform’s impact on the global market.
Liquidation Risk Grows for XRP as it Risks a Short Squeeze
The short squeeze could come near in XRP’s price action, given $195 Million worth of short positions near liquidation.
According to Ash Crypto, a significant resistance level at $2.75 could trigger a cascade of forced liquidation. However, the liquidation of these positions would probably put upward pressure on and drive the price of XRP higher, potentially squeezing shorts.
Major exchanges like Binance , OKX, and Bybit show a huge amount of short positions below $2.75. Once XRP reaches this price point and the cascading liquidations continue, we might see the rally speed up.
The main driver of attention from traders watching the price closely is that this event is expected to spark large market volatility.
This could be the short squeeze near a catalyst for the XRP price to push into uncharted territory. The bullish pressure on XRP will be reinforced with the liquidation of short positions. This is because more blood has to fill in the buy order book, which could lead to new highs.
If the price breaks the $2.75 barrier, it will indicate a new cycle, as it would indicate strong bullishness in XRP.
