The post XRP Dips Amid $4B Profit-Taking Following Whale-Driven Surge appeared on BitcoinEthereumNews.com.

XRP appears to be bouncing back after “$86 million in total liquidations,” and $4 billion in profit-taking “dragged” the asset down the price curve.  An analyst has advised that investors hold Bitcoin when it shows at least 60% dominance and switch to XRP when it shows a stronger setup.  Ripple’s XRP recorded an unexpected pullback on December 3, declining from $2.8 to $2.3 following reports that South Korea’s president, Yoon Suuk Yeol, had declared an emergency martial law. Based on the information available, the president accused the opposition of undermining the constitutional order by siding with North Korea. However, this was formally lifted during a Cabinet meeting. In all, the law was in effect for six hours. Impact on the Market Within the period, Bitcoin (BTC) declined to $93,000 but has since bounced back to $96k. Ethereum (ETH) also declined to $3,500 but has since returned to $3,700. According to our research, whales took advantage of the market pullback to aggressively acquire the dip. LookOnChain data confirms this, revealing that many whales transferred $163 million in USDT to Upbit to “bottom-fish” the opportunity. Meanwhile, profit-taking has been rampant in the past few days as XRP investors realize over $4 billion in profits. According to data, XRP witnessed more than $86 million in total liquidations in just 24 hours. Long positions accounted for $41.74 million, and short positions accounted for $44.91 million. Comparatively, this was higher than the liquidation recorded by Bitcoin. At press time, XRP had begun to bounce back as its 24-hour trading volume increased to $44 billion. Currently, it only trails Bitcoin and USDT in the entire market. According to the Head of Revenue and Business at crypto brokerage firm FalconX, Austin Reid, XRP’s recent accumulation is largely backed by institutional investors. We’ve seen 10x growth in volume…

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Filed under: News - @ December 4, 2024 2:20 pm