- Whale activity and rising active addresses suggested growing market engagement despite a price dip.
- Declining exchange reserves and strong long liquidations pointed to dipping selling pressure.
After years of analyzing various cryptocurrencies and market trends, I’ve come to learn that whale movements often serve as early indicators of potential price surges. The recent 30 million XRP transfer from Upbit has me intrigued, especially considering the bullish wave speculation it’s sparking.
30 million units of the digital currency Ripple (XRP), worth approximately $17.4 million, were recently taken out from Upbit, fueling talk of a potential bullish trend.
With a rise in trading activity, investors are keeping a close eye on these significant market players’ actions, hoping that the trend will persist.
It’s yet unclear if XRP has the necessary strength to push through significant resistance points, potentially leading to a possible price surge.
Is XRP poised for a market breakout?
As an analyst, I’m observing that at the moment of press, XRP was being traded at $0.5861, representing a 1.63% decrease. Yet, despite this minor setback, the surge in whale activity and heightened trading volume is causing a ripple of optimism among market participants, as they anticipate a potential recovery for XRP.
In the last day, there’s been a 1.21% increase in active addresses, reaching 10,347 currently. This indicates a growing number of users interacting with the XRP network, which typically corresponds to an uptick in interest or demand.
Furthermore, it’s worth noting that the number of transactions on the XRP ledger has risen as well, showing a 0.72% growth in the past 24 hours, amounting to a grand total of approximately 1.388 million, as reported by CryptoQuant.
An increase in transactions suggests that the network is becoming more active, which is usually a positive indicator for price movements, often associated with a rising market or “bullish” trend.
Exchange supply declines—bullish indicator?
A significant factor driving optimism is the reduction of available reserves on exchanges. Currently, there’s been a decrease of 0.29% in the exchange-held XRP supply over the past day, with the total amount now standing at approximately 2.9769 billion XRP.
Reducing exchange reserves might suggest a decrease in the amount of tokens being held for sale, as more tokens are transferred from exchanges into individual wallets, leading to less selling pressure.
This pattern might indicate that investors are expecting a price increase, causing a decrease in readily available stock for immediate transactions.
Liquidation activity: What does it mean for XRP’s future?
Examining the XRP‘s liquidation statistics reveals a significant amount of trading happening in both buy (long) and sell (short) orders.
On September 23rd, the total value of liquidations amounted to approximately $579,009. A significant portion of this, around $61,000, was from short positions traded on platforms such as Binance and OKX.
On the other hand, long positions surpassed $362,000. This suggests that even with temporary price changes, long-term investors are showing significant backing, potentially pushing the price upwards.
Can XRP sustain its bullish momentum?
Even though XRP‘s price has momentarily decreased, an increase in large-scale investor activity (whales), higher network interaction, and shrinking exchange holdings suggest a potentially optimistic outlook for the cryptocurrency.
Realistic or not, here’s XRP’s market cap in BTC’s terms
Should these tendencies persist, XRP might sustain its progression and potentially break through significant obstruction points.
However, traders should remain cautious, as sustained buying pressure is essential for a breakout. The coming days will reveal whether this whale activity is the spark needed for a lasting rally.
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2024-09-24 00:08