$4.84 Billion XRP Trading Frenzy Sparks Bullish Breakout Hopes

$4.84 Billion XRP Stun Crypto Exchanges in 24 Hours

According to U.Today, XRP, the native token of Ripple Labs, has seen a remarkable surge in trading activity over the past 24 hours. A total of $4.84 billion worth of XRP, equivalent to 1,841,500,765 tokens, was traded across various cryptocurrency exchanges. Despite this significant trading volume, XRP's price has not experienced a substantial increase, currently trading at $2.60, down by 3.05% within the same period. The token had reached a high of $2.73 before slipping to $2.55, followed by a slight recovery. Analysts, including Ali Martinez, have identified a "cup and handle" pattern in XRP's price chart, suggesting a potential bullish breakout to $3.35 if historical trends repeat. Additionally, the U.S. SEC's acknowledgment of an XRP ETF filing by 21Shares and other asset managers could further bolster the token's long-term prospects.

Coinbase Faces Mixed Reactions Despite Price Target Increases

Barron's reports that Coinbase has received two price target upgrades from analysts, yet its stock continues to decline. The reasons behind this paradox remain unclear, but it highlights the volatile nature of the cryptocurrency market and investor sentiment. Coinbase's performance is closely tied to the broader crypto ecosystem, and any regulatory or market shifts could significantly impact its valuation.

SEC Extends Deadline in Coinbase Case

As reported by TradingView, the U.S. SEC has requested a 28-day extension to respond to Coinbase's petition for an appeal. Former SEC official John Reed Stark suggests that this move could signal a turning point in the case, potentially leading to its resolution. The SEC's Crypto Task Force, led by pro-crypto commissioner Hester Peirce, is actively reviewing regulatory issues, which could influence the outcome of this and other high-profile cases, including those involving Binance and Ripple.

Pi Coin's Potential Binance Listing Sparks Excitement

La Noticia Digital highlights the ongoing community vote on Binance regarding the listing of Pi Coin. Known for its mobile mining approach, Pi Coin has garnered significant attention, with 86% of over 2 million votes in favor of its listing. If approved, the coin's value could rise to an estimated $50-$60, echoing its previous success on OKX. The upcoming Open Mainnet launch on February 20, 2025, adds further anticipation, as Pi Coin aims to rival major cryptocurrencies like Bitcoin. However, its closed network and speculative utility remain points of contention.

Upbit Faces Potential Billions in Fines

Crypto.news reports that South Korea's largest cryptocurrency exchange, Upbit, is under scrutiny for over 700,000 rule violations related to customer identity verification. These breaches could result in fines amounting to billions of dollars, with penalties of up to $68,600 per violation under the Special Financial Transactions Act. The Financial Services Commission is expected to make a decision soon, which could include a business suspension or restrictions on new user registrations. This case underscores the increasing regulatory pressure on South Korea's digital asset ecosystem.

OKX Secures MiCA License for European Expansion

OKX has announced its achievement of becoming one of the first MiCA-licensed global crypto exchanges, as reported on its official platform. This milestone allows OKX to offer regulated crypto services across 28 European Economic Area countries, reaching over 400 million people. The platform now supports localized payment methods, Euro-based trading pairs, and customer support in multiple languages. This development marks a significant step in OKX's global expansion strategy, following its MiCA license acquisition on January 27, 2025. The company aims to provide secure and transparent services while fostering crypto adoption in Europe.

Sources: