- A whale transferred a massive 29.7 million XRP tokens worth $12.7 million to an unknown wallet.
According to technical and price action analysis, XRP looks bullish in the shorter time frame and may hit the $0.46 level.
As an analyst with extensive experience in cryptocurrency market analysis, I closely monitor the latest developments and trends in the digital asset space. The recent transfer of 29.7 million XRP tokens worth $12.7 million by a whale from Binance has piqued my interest. This significant transaction could be a sign of accumulation amidst the market downturn, as XRP fell over 15% on July 5th.
On the 6th of July, I came across an intriguing post by Whale Alert on my preferred crypto news platform, indicating a substantial transaction. A whale, identified as transferring from Binance, moved an impressive amount of 29.7 million XRP tokens, equivalent to around $12.7 million, within the XRP blockchain network.
This notable XRP transfer might indicate accumulation by whales as it fell over 15% on 5th July.
Why is XRP’s price increasing?
Following a period of intense selling in the cryptocurrency market, there are signs of a potential recovery. Notable cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] have recently undergone substantial price increases.
As a researcher studying the recent trends in the cryptocurrency market, I’ve come across an intriguing possibility that could contribute to the potential market recovery. This theory hinges on two significant factors: the substantial $143 million inflow into Bitcoin ETFs (Exchange Traded Funds), and the renewed interest from whales in the digital currency.
XRP technical analysis and key levels
Based on the technical assessment of industry experts, XRP appears to be showing signs of a downturn after breaking below the significant support price of $0.47.
In addition to the recent price decline, the Ripple token fell beneath its 200-day Exponential Moving Average (EMA) on the daily chart, which is an indication of pessimistic sentiment.
As a researcher studying market trends, I’ve noticed that the Relative Strength Index (RSI) for XRP has entered an oversold territory based on my analysis of the data. This oversold condition, as indicated by the RSI, may signal an upcoming price recovery for XRP in the near future.
As I examine the token’s chart and relevant indicators, it seems that if the token manages to close above $0.435 in a daily time frame, there could be a brief surge towards $0.46.
According to data from the on-chain analysis firm CoinGlass, traders’ sentiment is currently more bearish due to a greater number of open short positions than long positions during the past week.
Traders anticipate that XRP is unlikely to surpass the $0.46 mark due to the presence of approximately $14.85 million in short positions at this price point. Consequently, if XRP manages to reach $0.46, these short positions will be liquidated.
In addition to the technical examination, XRP currently hovered around $0.433 based on current market prices, as reported by CoinMarketCap. Notably, there was a significant increase of more than 8% in its value over the past twenty-four hours.
Read Ripple’s [XRP] Price Prediction 2024-25
As a crypto investor or trader, I’ve noticed a significant decrease in activity levels recently. The proof is in the 54% reduction in daily trading volume that we’re seeing.
Over the past week, XRP‘s value has decreased by more than 9%. In contrast, during the last month, its price dropped significantly by over 18%.
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2024-07-07 11:03