It’s been just revealed that the XRP whales are accumulating the crypto asset. Check out the latest reports below.
XRP whales are accumulating the digital asset
Crypto analytics firm Santiment says XRP is signaling bullishness. It seems that the whales rapidly accumulate the token.
According to Santiment, XRP is setting the stage for a possible price surge to start off 2023, potentially triggered by a short squeeze.
As the online publication the Daily Hodl notes, a short squeeze happens “when an unusual amount of traders are trying to short-sell an asset.”
It’s also important to mention the fact that the squeeze begins when the price jumps. This is causing many traders to buy back their positions and therefore pushing up the price even further in a volatile fashion.
Santiment shows the lopsided funding rate for XRP on Binance.
“The XRP Network has some intriguing network divergences pointing to strong bullish cases. Our community post discusses whale addresses accumulating rapidly, traders continuing to short, and a significant long/short on the verge of being crossed.”
Binance is back on track in South Korea
According to the latest reports, it seems that the most important crypto exchange giant Binance is once again making moves in South Korea. The exchange is reportedly acquiring a major stake in the local exchange GOPAX.
According to Korean crypto news website Decenter, the largest centralized exchange in the world is finalizing an acquisition that was supposedly meant to close around Christmas in 2022.
According to the latest reports coming from Blockworks, Binance will be buying a 41.2% stake from GOPAX CEO Lee Jun-Haeng, who will remain at the exchange once the sale is finalized.
“GOPAX is already one of the five largest crypto exchanges in South Korea. A majority of the domestic market dominated by Upbit, followed by other popular exchanges Bithumb, Coinone and Korbit,” the online publication notes.