South Korea’s largest cryptocurrency exchange, Upbit, recently made headlines when it pulled 20 million XRP worth $11.4 million from the exchange in just one hour.
According to Whale Alert, the funds were transferred to an unknown wallet and then further redirected to other addresses. While 4 million XRP have been sent back to Upbit, the whereabouts of the remaining funds has yet to be determined.
Source: Whale Alert
The move comes at a time when the price and volume of XRP on Upbit is surging. The XRP price has increased by 27.4% in the past three days alone and is over 768 Korean Won ($0.59) today.
XRP has maintained its status as the most traded cryptocurrency on South Korea’s two largest cryptocurrency exchanges, Upbit and Bithumb. It accounts for 35% of Upbit’s $1.93 billion in total transaction volume and 42% of Bithumb’s $400 million in total transaction volume.
XRP/KRW 30-minute chart on Upbit exchange
XRP’s total revenue on Upbit was $674.77 million, almost four times that of Bitcoin (BTC). The rise in XRP price and trading volume has been attributed to a variety of factors, including Ripple’s recent announcement of a new partnership with a major Japanese bank, as well as rumors of an imminent relisting of XRP on several major exchanges.
Meanwhile, Upbit has assured its customers that their funds are safe despite recent withdrawals of large amounts of XRP from the exchange. The exchange also stated that it will continue to monitor the situation closely and take all necessary measures to ensure the safety of customer assets.
The news is another sign of growing interest in cryptocurrencies, especially in South Korea, where cryptocurrency trading has grown in popularity in recent years. It remains to be seen how XRP’s price and volume will develop in the coming days and weeks, but for now, the cryptocurrency appears to be in a strong uptrend.
XRP open interest soars
Investors are rethinking futures markets tied to the XRP-focused cryptocurrency, hoping that token issuer Ripple Labs will win a legal battle with the SEC and encourage a bigger take on the broader market. risks of.
XRP has gained 57% since March 22, reaching a 10-month high of $0.584.
Notional open interest (OI), or dollar value, has been locked in open and active contracts traded on futures and contract exchanges since the rally began, Coinglass data showed. Perpetual futures rose nearly 90% to $843 million, the highest level since December 2021.
Source: Coinglass
An increase in open interest coupled with a rise in price usually indicates new money flowing into the market and confirms an uptrend. At the time of writing, the funding rate — which represents the cost of holding a long or short position — is positive on most exchanges, indicating a dominance of traders using bullish leverage. The broader market was also bullish, with bitcoin rallying above $28,000, reversing losses seen earlier this week after the U.S. Commodity Futures Trading Commission (CFTC) sued Binance.
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