- XRP could see a 30% upside move if it holds itself above the $0.48 level.
XRP’s major liquidation levels were $0.463 on the lower side and $0.532 on the upper side.
As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I find myself intrigued by the recent developments surrounding XRP. The massive transfers of XRP tokens by whales and institutions from centralized exchanges, particularly Binance, suggest a renewed interest in this cryptocurrency. However, the decrease in trading volume indicates that traders and investors are still hesitant.
After a significant downturn affecting various cryptocurrencies, the broader market appears to be rebounding. This resurgence may be attributed to increased investment from large-scale investors (whales) and other interested parties, who are taking advantage of reduced prices by purchasing during this temporary market dip.
According to blockchain transaction tracker Whale Alert, in the last 24 hours, whales and investors have transferred a significant 157 million XRP tokens worth $75.05 million from centralized exchanges (CEXes).
In this, the massive tokens transferred were done via Binance [BNB].
Instead, a single transaction involving 34.2 million XRP tokens valued at approximately $16.9 million was processed through the Bitvavo digital asset exchange. The originating wallet for this transaction remains unknown.
XRP price-performance analysis
Currently, at the moment of reporting, XRP is close to being priced around $0.50, and it has seen a significant increase of more than 8% in value over the past day. Although it’s experienced this remarkable price boost, its trading volume dropped by 12% during that same timeframe.
A drop in the number of trades suggests that traders and investors are feeling anxious and less active in the market.
Currently, the XRP community looks bullish.
Recently, a crypto enthusiast shared a post on X (formerly Twitter) featuring a video of Ripple CEO Brad Garlinghouse, where he said 99% of all cryptocurrencies will probably go to zero, except for XRP.
She also noted.
“Clarity in regulation is essential for survival, making XRP the pioneer among digital assets as the first to achieve complete regulatory transparency in the United States!”
Additionally, it’s worth noting that there are many other posts like these on X, which underscore the feelings of users during the current market downturn.
According to AMBCrypto’s examination, the value of XRP stood at a pivotal support point of $0.48 as of now. Meanwhile, the technical marker known as Relative Strength Index (RSI) indicated an overbought situation, suggesting a possible price shift in the opposite direction.
Should the general opinion about XRP shift, it’s quite likely that its value could surge by more than 30%.
As a researcher observing the XRP market, I’m anticipating that if the current sentiment persists and the XRP daily candle ends below $0.45, we could be in for a significant price drop in the near future.
Upcoming liquidations
At the current moment, the key points for XRP‘s liquidation are set at approximately $0.463 on the downside and $0.532 on the upside, as per the analysis by a firm specializing in blockchain data, Coinglass.
Read Ripple’s [XRP] Price Prediction 2024-25
Should the market see a decline causing XRP to hit approximately $0.463, it’s estimated that around $18.61 million in long positions would get closed out.
Instead, when the XRP price reaches approximately $0.532, around $9.71 million worth of short positions could be closed out.
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2024-08-07 00:07