Altcoin
XRP Whale Watching: Will Moving 70 Million Tokens Help the Altcoin Reach $1?
- In the last 24 hours, a whale moved 70 million XRP tokens from Binance to an unknown wallet.
- One expert has speculated that XRP could see a significant rally, similar to what happened in 2018.
After an impressive rally, the overall cryptocurrency market has fallen by 2.8%, with major assets including Bitcoin [BTC], Solana [SOL]AND Binance Coin [BNB] recorded price drops of 4%, 5.10% and 3.5% respectively.
This sudden market drop has potentially created a bullish narrative for Ripple [XRP]The world’s seventh largest cryptocurrency: here’s how.
Whales Move 70 Million XRP Tokens
On July 30, the blockchain transaction tracker Whale alert has published several posts on X (formerly Twitter), noting that several whales have moved a total of 70 million XRP tokens worth $42.48 million from the Binance exchange.
This massive transfer of tokens occurred over the last 24 hours in three separate transactions.
XRP Price Prediction
According to AMBCrypto analysis, XRP looked bullish at press time as it formed a bullish symmetrical triangle on a daily time frame. This pattern usually appears before significant price changes.
Based on the historical price action, if the daily candlestick of XRP records a strong close above the $0.618 level, it is highly likely to reach the $0.73 and $0.85 levels in the coming days.
Source: TradingView
At press time, XRP has maintained its price above the 200 EMA on a daily time frame. The price of any asset above the 200 EMA on a higher time frame signals bullishness.
Other technical indicators such as the Relative Strength Index (RSI) and Stochastics signaled that XRP was in a neutral zone, meaning it was neither in the oversold nor overbought area.
Is history repeating itself?
Investor and founder of CoinChartist Tony Severino posted a post on X stating that XRP’s monthly Bollinger Bands are “the tightest ever.”
He noted that the last time this happened, in 2018, the price of XRP saw a 60,000% increase.
Currently, the major liquidation levels are $0.591 and $0.615, according to on-chain analytics firm CoinGlass.
If market sentiment changes and XRP price breaks above the $0.615 level, approximately $12.9 million in short positions will be liquidated.
Conversely, if the price drops below the $0.591 level, $6.10 million of long positions will be liquidated.
Source: CoinGlass
Light Ripple [XRP] Price forecast 2024-25
At press time, XRP was trading near the $0.60 level, having declined by 1.7% over the past 24 hours.
Meanwhile, trading volume increased by 9%, signaling increased participation from investors and traders over the same period.