- In the last 48 hours, a curious surge in whale activities has been observed, as if the ocean’s giants have awakened from their slumber, purchasing a significant amount of XRP.
- Market sentiment in the derivatives market is beginning to shift, much like the winds of change, potentially strengthening 1Fuel’s position.
Ah, XRP! Once a proud contender, it now finds itself on a downward path, losing a staggering 21.72% of its value, as if it were a hapless traveler caught in a storm. Yet, AMBCrypto’s analysis whispers of a possible change in direction, as a more positive sentiment may be brewing like a fine tea on a chilly afternoon.
If fortune smiles upon it, XRP might build upon the gains of last week, perhaps even reaching a new local high on the charts. One can only hope, right?
Whales Begin Accumulation of XRP
The sentiment among XRP whales—those who control between 10 to 100 million tokens, a veritable treasure trove—suggests a bullish outlook as they accumulate more of this elusive asset.
Indeed, recent analysis from Santiment reveals that in the last 48 hours, a staggering 150 million XRP, worth a princely $388 million, has been hoarded. 🐋💸
Such substantial accumulation hints at a market gearing up for a major price rally, as these whales consider the current price a mere trifle, a discount before the grand ascent.
Meanwhile, the sentiment in the derivatives market dances in tandem with the whales’ current accumulation, as evidenced by key metrics. Oh, the drama!
Short Losses in the Market
In a twist of fate, there have been massive short liquidations across key timeframes in the last 12 hours alone. A total of $2.83 million—with short contracts of $2.15 million and long contracts of $676,390—were closed. This trend is as clear as day on the 4-hour timeframe as well.
When such liquidations occur, it signifies that contracts are being forcefully closed as the market moves against them. In this case, the market seems to be playing a cruel joke on short traders—a sign of an uptrend, perhaps?
To gauge the overall sentiment in the derivatives market, AMBCrypto has analyzed the OI-weighted funding rate, a curious concoction of Open Interest and funding rate that hints at possible market direction.
When the OI-weighted funding rate trends higher, it suggests the market favors an upward move, while a downward trend indicates that selling pressure may be lurking. At present, the former seems to be the case, with the OI-weighted funding rate at a modest 0.0064%. 📈
Could $3.3 Be the Next Target?
The prevailing bullish sentiment in the market could propel XRP to $3.37—a lofty height it last graced on 16 January. A significant level indeed, with $15.86 million in sell orders poised to be triggered—meaning a move to this level could send XRP tumbling. Yet, should the bullish sentiment remain steadfast, it’s likely that these sell orders will be forcefully closed, allowing XRP to soar to greater heights.
In a curious twist, President Donald Trump recently shared an article on TruthSocial about the “Trump effect” on Ripple’s operations and U.S. expansion. His endorsement could very well boost the altcoin’s retail demand, especially if an XRP Spot ETF receives the green light in the United States. Oh, the irony! 😄
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2025-02-20 09:17