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KuCoin Moves Massive 250,000,000 XRP Amid US Charges

Abdulkarim Abdulwahab
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KuCoin Moves Massive 250,000,000 XRP Amid US Charges

The crypto community has witnessed the movement of 250,000,000 XRP linked to KuCoin amid the charges leveled against the exchange by U.S. authorities.

Prominent crypto tracker Whale Alert spotlighted the transfer in a recent update on X. Per the disclosure, the 250 million XRP was moved from an unknown address late yesterday, bearing a monetary value of $158,381,167 at the time.

Community Reacts

This transaction has elicited various reactions among community members, especially considering the unidentified sources involved. Moreover, a transaction of this magnitude was last seen several weeks ago.

Some members speculate that institutions might be purchasing XRP, while others question whether the transaction is connected to HSBC’s launch of tokenized gold.

However, closer scrutiny of the transaction details suggests that the entities involved are not particularly unknown. Data from XRP explorer XRPScan suggests that the 250 million XRP transfer originated from the prominent crypto exchange KuCoin, with the sending wallet boasting an affiliation with the exchange. 

Why Did KuCoin Move 250M XRP?

Interestingly, after receiving the 250 million XRP, the recipient wallet has been continuously draining the XRP in hundreds of transactions piecemeal over the last 12 hours. The outflows have gone to other centralized exchanges such as Binance, Coinbase, Bitget, Bybit, MEXC, and Crypto.com.

KuCoin Faces US Charges

This pattern suggests that KuCoin initiated the 250 million XRP to fulfill mounting withdrawal requests from users possibly fleeing the platform. Notably, this development emerged as the U.S. government filed criminal charges against KuCoin alongside two of its founders, Chun Gan and Ke Tang.

In particular, the U.S. attorneys allege that KuCoin knowingly concealed the fact that a significant number of Americans traded on its platform.

They claim that KuCoin exploited its sizable U.S. customer base to establish itself as one of the prominent trading platforms without complying with U.S. laws to combat criminal activity and illicit financial schemes. 

Essentially, the allegations have sparked panic among KuCoin users, possibly leading to the mass withdrawal of tokens, including XRP, from the platform.

Shiba Inu Looks to Leverage Massive Volume Spike to Breach 2-Week High at $0.000037

Sam Wisdom Raphael
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Shiba Inu Looks to Leverage Massive Volume Spike to Breach 2-Week High at $0.000037

Shiba Inu (SHIB) has finally conquered the $0.00003 price threshold, with a push to breach a 2-week high above $0.00003767 amid a surge in trade volume.

The recent achievement comes over a week since it collapsed below the $0.00003 level. Shiba Inu had experienced a remarkable surge to a fresh yearly high of $0.00004563 on March 5, only to encounter resistance at this threshold.

The retracement occurred concurrently with a phase of bearish sentiment in the wider market, further intensifying SHIB’s decline and causing the token to dip below $0.00003. Despite finding support at the lower spectrum of $0.00002, SHIB failed to garner sufficient momentum to reclaim $0.00003.

The recent market recovery provided strength for this endeavor, allowing Shiba Inu to reclaim $0.00003 on March 25. However, the cryptocurrency failed to retain the price level at the time. SHIB’s remarkable resilience saw it accomplish this yesterday when it closed above $0.00003. 

Shiba Inu Pushes for $0.000037

Shiba Inu has now surged beyond $0.000031, effectively establishing dominance over the $0.00003 zone. Presently trading at $0.00003127, the asset faces its next resistance level on the daily chart at $0.00003163, corresponding with the 0.618 Fibonacci retracement point.

Shiba Inu Fibonacci Resistance Levels
Shiba Inu Fibonacci Resistance Levels

Surpassing $0.00003163 would pave the way for a significant move toward higher levels. However, Shiba Inu is likely to encounter formidable resistance below the $0.000034 mark, with data from IntoTheBlock (ITB) revealing a substantial sell wall in this region.

Significantly, this position represents the highest concentration of buyers above the $0.000014 region, with 189,440 addresses acquiring 65.78 trillion SHIB at an average price of $0.000031, spanning from $0.000026 to $0.000034. If the asset manages to breach the $0.000034 zone, it could potentially experience an unrestrained rally.

Shiba Inu Address Profitability IntoTheBlock
Shiba Inu Address Profitability | IntoTheBlock

Market data confirms that the next Fibonacci resistance level stands at $0.00003767, marking one of Shiba Inu’s most significant challenges beneath the highly sought-after $0.00004 threshold.

According to ITB data, the $0.000037 zone may present another obstacle for SHIB. Notably, more than 58,620 addresses acquired 6.83 trillion SHIB within this range, spanning from a low price of $0.000037 to a high of $0.000045.

Shiba Inu Overtakes BNB, XRP, ADA in Volume

Despite the anticipated resistance, the bulls may capitalize on the increasing interest in Shiba Inu to orchestrate a robust campaign at surpassing these barriers. SHIB’s trading volume has surged 43% within 24 hours to $2.18 billion, positioning it among the top 10 assets by trade volume.

Interestingly, Shiba Inu has outpaced BNB ($2.06 billion), XRP ($1.85 billion), and Cardano ($606 million) in 24-hour trading volume. Additionally, with a notable 17.33% surge in Open Interest to $114 million, these metrics signify that investor interest is increasingly flowing into the SHIB market, potentially bolstering demand.

The last time SHIB witnessed this growth in volume, it marked a turning point for the token, as it breached $0.00002 and $0.00003 in one fell sweep to hit the $0.000045 peak earlier this month. The bulls are looking to leverage the recent resurgence for a similar uptrend.

Forbes Says XRP Impacted in Market $300B “Price Earthquake”

Abdulkarim Abdulwahab
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Forbes Says XRP Impacted in Market $300B “Price Earthquake”

Forbes Senior Contributor Billy Bambrough has argued that XRP benefited from the $300 billion influx that hit the crypto market recently.

XRP Impacted in Market $300B Influx

In a recent publication, Bambrough highlighted that Bitcoin and major coins like XRP witnessed sudden rallies. The Forbes senior contributor underscored that Bitcoin has surpassed the $70,000 mark, nearing its all-time peak of $73,850 in the last 24 hours. 

Additionally, he pointed out that XRP and other leading cryptocurrencies have similarly surged, contributing $300 billion to the total crypto market capitalization over the past week.

As Bambrough rightly pointed out, XRP recently ranks among the positive performers, reaching an intraday high of $0.6594 after rallying by 5.1%. On a seven-day scale, the asset is up more significantly by 15% from a low of $0.5725.

Amid the revived state of the market after weeks of severe price correction, Bambrough noted that some Goldman Sachs clients have shown readiness to enter the cryptocurrency arena.

Goldman Sachs Clients Now Ready to Enter Crypto

In particular, the Forbes pundit highlighted an increasing interest in crypto among Goldman Sachs’ hedge fund clients. He noted that these clients are observing the recent gains in the crypto market and experiencing feelings of FOMO, especially following the approval of multiple U.S. Bitcoin spot ETFs.

In a statement with Bloomberg, Max Minton, Goldman’s Head of Digital Assets for Asia Pacific, remarked:

“The recent ETF approval has triggered a resurgence of interest and activities from our clients. Many of our largest clients are active or exploring getting active in the space.” 

Another Goldman Sachs executive, Mathew McDermott, expressed a similar sentiment, stating:

“The price action… has still been driven primarily by retail investors. But it’s the institutions that we’ve started to see come in. You really see now the appetite is transformed.”

Meanwhile, Max Minton noted that Goldman’s clients seeking crypto are primarily interested in Bitcoin. Yet, he noted the possibility of a change if Ethereum secures approval for a U.S.-listed spot ETF. 

However, Bambrough stated that recent reports indicate that Ethereum’s current deadline for approval in May is becoming increasingly unlikely. Pundits cite fewer engagements from the U.S. SEC as a contributing factor.

It is worth mentioning that Grayscale, which has a pending application for Ether spot ETF, has stated that critical issues had already been sorted during their Bitcoin spot ETF applications, accounting for the few engagements with the SEC. As a result, they remain significantly bullish in the outlook of approval.

Ethereum Founder Vitalik Says Shiba Inu Outperformed His Expectations

Sam Wisdom Raphael
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Ethereum Founder Vitalik Says Shiba Inu Outperformed His Expectations

The Ethereum founder Vitalik Buterin has admitted that Shiba Inu (SHIB) “massively” outperformed his earlier expectations for the project.

Buterin disclosed this while reacting to a statement from Nathan Young, a Web Designer and Director at Frostwork. Young spotlighted the crypto assets held by Future of Life Institute (FLI), a non-profit focused on AI research, noting that he never believed the organization’s crypto balance amounted to much.

For context, FLI was one of the beneficiaries of Vitalik Buterin’s Shiba Inu donations. Recall that the Ethereum founder received half of the entire Shiba Inu supply from Ryoshi, SHIB’s anonymous founder. Buterin burned 410 trillion tokens and sent the rest to non-profits in May 2021.

One of these non-profits was FLI. Nathan Young had believed that the Shiba Inu tokens received by FLI were valued at low prices, but information from a filing revealed that their worth actually amounted to $665 million.

Buterin Expected SHIB to Crash

Responding to Young’s disclosure, Buterin noted that the FLI case is similar to what he observed with CryptoRelief, an Indian charity. It bears mentioning that Buterin also donated his SHIB tokens to CryptoRelief.

He sent 50.6 trillion SHIB to CryptoRelief on May 12, 2021. The worth of the tokens at the time stood at $1.2 billion. Interestingly, in his latest disclosure, Buterin revealed that he initially believed Shiba Inu would crash shortly after he received the tokens from Ryoshi.

Notably, SHIB had already recorded a massive price rally before Buterin donated the tokens. However, the Ethereum co-founder expected the asset to crash within a short period, as is customary with memecoins. He had to move fast and donate these tokens before the expected price collapse.

Buterin noted that he was expecting CryptoRelief to at least be able to salvage $10 to $25 million from the donation before any drop in SHIB’s price. However, his expectations did not materialize, as Shiba Inu continued to rally after the donation, eventually hitting its all-time high of $0.00008845 in October 2021, five months later.

Shiba Inu Exceeds Expectations

“But of course, SHIB massively outperformed my expectations,” Buterin disclosed in his recent remarks, calling attention to how the canine-themed project defied the odds, pointing to its eventual failure. Three years later, Shiba Inu still retains relevance, battling to seal its spot among the top 10.

While SHIB’s worth did drop by 30% shortly after Buterin’s donation to CryptoRelief, the token bounced back. At the all-time high value in October 2021, the assets were worth $4.42 billion. If the charity organization had held onto the tokens until now, they’d still hold $1.57 billion.

Vitalik Buterin has consistently underestimated the meme market due to its lack of utility. In 2022, the Ethereum founder was surprised at the massive amount of Shiba Inu tokens held by Crypto.com. The Shiba Inu project is now gradually tilting toward utility, constantly exceeding expectations from industry leaders like Buterin.

Expert Expects Shiba Inu to Ride Its 5th Elliott Wave to $0.0001019

Sam Wisdom Raphael
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Expert Expects Shiba Inu to Ride Its 5th Elliott Wave to $0.0001019

Michael, a crypto market analyst known for his affinity for the Elliott Wave theory, sees Shiba Inu (SHIB) eventually claiming the $0.0001 price level amid the completion of its fifth wave.

When Shiba Inu soared 372% from $0.00000967 on Feb. 26 to its yearly peak of $0.00004567 on March 5, the rally reignited investor optimism. As a result, market participants rejuvenated discussions around the elusive $0.0001 goal.

For instance, a presentation of historical data from content specialist Lucie suggested that SHIB had the potential to rally to $0.000012 in a week. Meanwhile, lead developer Shytoshi Kusama dismissed this projection as an underestimate. In addition, crypto influencer Oscar Ramos expressed his confidence that SHIB to $0.0001 is 100% possible.

Shiba Inu was well on its way to this price level during the latest price run, with only 118% required to reach $0.0001 from the $0.00004567 high on March 5. However, the ensuing correction saw SHIB relinquish this peak, dropping below major support levels.

Shiba Inu Could Hit $0.0001019 On Fifth Elliott Wave 

While the community has witnessed a reduction of these calls amid anticipation of a recovery, analyst Michael recently expressed his confidence in Shiba Inu’s potential to reach $0.0001, introducing a technical point of view.

In a recent analysis, Michael leveraged a 3-day chart to reveal that Shiba Inu has been following a five-wave structure since it collapsed to $0.00000671 in October 2023. The asset completed the first wave when it rose to $0.00001195 in December 2023 and recorded a retracement to $0.00000879 in January 2024 for the second wave.

Shiba Inu to $0.0001019
Image Source: https://twitter.com/Michael_EWpro/status/1771917865853026599

Data from the chart reveals that the third Elliott Wave pushed Shiba Inu to the $0.00004567 peak earlier this month. Nonetheless, the fourth wave introduced the ongoing correction, which Michael believes should come to an end soon.

The completion of the fourth wave would mark the end of this retracement, with SHIB set to recover once it begins Wave 5. The crypto analyst expects Shiba Inu to hit a high of $0.00010191 upon concluding the fifth wave. 

Notably, to reach this level, Shiba Inu would need to rally 231% from its current price. The token is already witnessing a recovery push, currently up 7.14% today, as it leverages the ongoing market resurgence. SHIB has now reclaimed $0.00003, changing hands at $0.00003077 as of press time.

Bitcoin Worth $3,461,703,426 Bought in One Day: Details

Abdulkarim Abdulwahab
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Bitcoin Worth $3,461,703,426 Bought in One Day: Details

Prominent market intelligence platform Santiment has disclosed how influential Bitcoin investors took a store of over $3.46 billion in Bitcoin, with the asset now re-entering the $70K range.

Bitcoin has increased by over 6% since the last day, reaching its current daily peak of $71,500 from a low of $67,200. Meanwhile, the leading crypto has surged 17.67% from the $60,807 low recorded six days ago.

Bitcoin’s re-entry into the $70K threshold precisely two weeks after it began correcting recent gains has caught investors off guard. Market intelligence platform Santiment took to X to pinpoint the factor influencing the swift rebound in Bitcoin’s bull trajectory.

Whale Accumulating $3.46B Bitcoin in One Day

According to Santiment, significant Bitcoin stakeholders experienced one of the most substantial accumulation days in recent years. In particular, the market tracker disclosed that on March 24 alone, wallets holding between 10 to 10,000 BTC collectively acquired 51,959 BTC tokens.

At Sunday’s intraday high of $66,623, the accumulated tokens amount to a staggering $3,461,703,426 ($3.46 billion). Moreover, Santiment emphasized that this figure translates to 0.263% of the currently available BTC supply procured in just a day.

Historical Observations from this Accumulation

Furthermore, following the $3.46 billion Bitcoin accumulation, the cumulative BTC balance on wallets holding between 10 and 10,000 BTC increased to its highest mark since July 2022.

Moreover, the report highlighted that these wallets possessed the highest Bitcoin supply ratio since July 2023. Specifically, this group of Bitcoin investors commands 67% of Bitcoin’s supply, with 13.10 million tokens in their possession.

At the same time, addresses holding 100K to 10 million USDT held near their lowest levels of USDT since January 2023, suggesting they pivoted to volatile tokens. A similar trend is observable with wallets holding 100K to 10 million USDC.

More Bullish Sentiments

Interestingly, Santiment noted that as the crypto market approaches the final three weeks before the halving , it would be unsurprising to witness further expansion in the wallets holding between 10 to 10,000 BTC. 

Santiment emphasized that, ideally, this ongoing accumulation should not occur solely at the expense of whale and shark holdings in stablecoins like USDT and USDC. It stated that their “dry powder” remains a crucial component, ensuring the ability to exchange for additional crypto at any moment.

Standard Chartered Highlights 3 Factors That Could Take Bitcoin to $150K

Lele Jima
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Standard Chartered Highlights 3 Factors That Could Take Bitcoin to $150K

Following the remarkable surge from Bitcoin (BTC) this month, top banking institution Standard Chartered has highlighted three factors that could take the asset to $150K by year-end. 

In its latest analysis, Standard Chartered noted that Bitcoin will reach a price target of $150,000 by the end of 2024, marking a 50% increase from its previous prediction of $100,000. 

Notably, the bank speculated that Bitcoin’s price would spike to a whopping $250,000 by next year before it would eventually stabilize. 

3 Factors That Could Push Bitcoin to $150K 

According to the bank, the surge in Bitcoin price will be fueled by three factors. They include the upcoming Bitcoin Halving event, growing interest from reserve managers, and sustained inflows into spot Bitcoin ETF products.

It is worth mentioning that the Bitcoin Halving event has always had a positive impact on Bitcoin’s price. The upcoming halving, slated to occur within the next 25 days, would slash miners’ rewards by 50% to 3.125 BTC from the current 6.25 BTC. 

In the meantime,  spot Bitcoin ETF products have continued to garner significant interest. According to data from BitMEX, these ETFs saw inflows of $15.4 million yesterday after a five-day streak of outflows. 

The development underscores a growing confidence among institutional investors who now see Bitcoin as a suitable investment option. 

Per the data, Fidelity’s Bitcoin fund (FBTC) saw the most inflow to the tune of $261.8 million, followed by BlackRock’s IBIT, which attracted $35.5 million worth of investment yesterday. 

While Grayscale continued its streak of outflows yesterday, ARKB and BTCW funds recorded neither inflows nor outflows. Furthermore, the remaining Bitcoin spot ETFs, including BITB, BTCO, EZBC, BRRR, and HODL, recorded inflows ranging between $4 million and $20.5 million, respectively. 

With the halving event expected to occur in less than a month and sustained institutional interest in Bitcoin, the top asset could reach Standard Chartered’s projected price of $150,000 by year-end. 

Analyst Cites Condition for Bitcoin Surge to $71,800  

Meanwhile, Bitcoin is currently priced at $70,838, up 5.57% over the past day and 12.9% in the weekly charts. Popular chartist Ali Martinez stated in an X post today that Bitcoin is breaking out of an ascending triangle that could take its price to $71,800. 

However, the analyst stressed that Bitcoin needs to hold the $70,400 support level for its potential surge toward $71,800. 

Bitcoin Eyes $71,800 as Short-Term Whales See $16 Billion in Profits

Mark Brennan
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Bitcoin Eyes $71,800 as Short-Term Whales See $16 Billion in Profits

Bitcoin is recording a stellar year, and the uptrend looks set to continue amid $16 billion in profits by short-term whales, buoyed by spot Bitcoin ETF buyers.

After last week’s price correction, Bitcoin appears to have recovered, with its eyes set on reaching new highs. The leading cryptocurrency is trading well above $70,000 at the time of writing, having surpassed $71,500 earlier in the day.

In terms of where the price could be heading next, experienced analyst Ali Martinez has noted the formation of strong support and an ascending triangle on the lower timeframes. Per the analyst, Bitcoin seems to have broken out of the triangle, with the $70,400 range serving as support.

As long as the support holds, BTC could break above the $71,800 mark and reach a new high in the coming days. A break above the recent ATH above $73,000 will begin a new period of price discovery, paving the way for the realization of some bullish Bitcoin price predictions.

Spot Bitcoin ETF Buyers Play Their Part

Bitcoin’s impressive performance this year is primarily due to inflows into spot Bitcoin ETFs in the U.S. Unsurprisingly, Bitcoin’s most recent dip coincided with five days of consecutive net outflows, the longest since the investment products went live in January.

However, the negative trend was broken on Monday, with the funds seeing a mild net inflow of $15.4 million. Bulls remain optimistic that the improved figure will mark a turnaround from what has been a rare negative flow period for the Bitcoin ETFs.

In the meantime, it is worth noting that as a result of the contributions from the spot Bitcoin ETFs, BTC short-term holder whales now sit on $16 billion of unrealized profits. Nonetheless, CryptoQuant’s CEO Ki Young Ju, expressed confidence that the spot ETF buyers are long-term holders and may not exit their position for a 16% profit. 

Wallets With 100s of Millions of XRP: Expert Warns of Potential for More Major XRP Holders Like Jed McCaleb

Mark Brennan
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Wallets With 100s of Millions of XRP: Expert Warns of Potential for More Major XRP Holders Like Jed McCaleb

Law expert Fred Rispoli has warned that there could be more large XRP holders like former Ripple CTO Jed McCaleb who can further suppress the price of XRP.

The long-standing case between Ripple and the United States Securities and Exchange Commission (SEC) took a fresh turn this week. The regulator seeks to impose a $2 billion fine on the San Francisco-based company for selling XRP to institutional investors early in the project’s history. 

While that matter remains up for debate, the community has been reflecting on the consequences of Ripple’s early XRP sales to institutional buyers. Precisely, some reason there could be more large XRP holders out there who could be suppressing the price of the cryptocurrency as former Ripple CTO Jed McCaleb did for several years. 

Recall that Jed McCaleb, one of Ripple’s early cohort of programmers, received 9 billion XRP as a co-founder. After parting ways with the company, Jed McCaleb continued to gradually sell his large XRP holdings through his wallet, which had the infamous title “Taco Stand.”

As reported by The Crypto Basic at that time, Jed McCaleb realized $3.1 billion from the sale. It took eight years, and the constant sales, though systematic, contributed to selling pressure.

Are There More Jed McCaleb Left?

Reflecting on the Jed McCaleb experience, law expert Fred Rispoli recently floated the idea that there could be more of his kind left in the XRP investor community.

Such entities would have acquired XRP from Ripple early in its development and would still be hoarding 100s of millions of the cryptocurrency acquired at a possible price of $0.0001. 

He added that these entities will understandably “sell gradually over the years not to suppress the retail price too much.”

An XRP enthusiast joined the conversation with the suggestion that the price of XRP may be much higher if the institutions had not gotten the coin at a steep discount. 

New Shiba Inu Support and Resistances to Watch as SHIB Rises to $0.00003

Mark Brennan
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New Shiba Inu Support and Resistances to Watch as SHIB Rises to $0.00003

Shiba Inu recently retested the much-coveted $0.00003 psychological price territory, triggering new pivotal support and resistance levels to watch.

In the past 24 hours, the price of Shiba Inu has gained 6%, briefly trading above $0.00003. This increase comes off the back of a broader crypto market recovery and has reignited user interest in Shiba Inu.

As such, attention returns to Shiba Inu, an experienced trader, SHIB Knight, who has shared the next key support and resistance levels for investors to watch. The support level found on the two-hour SHIB/USD chart ranges between $0.00002747 and $0.00002864, while the resistance levels rest at the $0.00003051 and $0.00003357 territories.

Looking closely at the top and lower bounds of these levels, the charts reveal that Shiba Inu has already tested the $0.00002864 support in the past 24 hours but made a swift rebound. The coin had also briefly tested the resistance at $0.00003051 but experienced a mild pullback as bears overpowered bulls.

As long as Shiba Inu continues to trade within this range, chances of a breakout remain high, especially with the asset pushing to break through the $0.000030 resistance at the time of writing. When this breach fully materializes, Shiba Inu may get the opportunity to return to its early month highs of $0.000045.

On the other hand, a slip below the outlined support levels might prove fatal, as it would take Shiba out of its current trading range back under $0.000026. However, market sentiment remains generally bullish, backing Shiba Inu to reach higher prices in the days ahead.

Shiba Inu Aims for $0.000045 and Beyond

Shiba Inu’s resurgence brings many earlier predictions for the cryptocurrency’s price back in contention. Earlier this week, prominent market analyst Crypto Patel forecasted that, having broken through a symmetrical triangle, Shiba Inu will rise 57% to cross the $0.000045 mark.

In the long-term, a more bullish projection sees Shiba Inu reaching the landmark $0.001 price before the end of this cycle. The prediction is largely based on Shiba Inu’s performance in the previous market cycle and a potential repeat if the current bull run gains more momentum.

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