- Whale transfer of 100M XRP raised questions as traders monitor key support levels near $0.50.
- XRP derivatives showed declining activity, while liquidations suggested bearish traders were caught off guard.
A major 100 million XRP transfer between two unknown wallets, linked to Ripple, has fueled speculation within the crypto community. The transaction, valued at 53 million at the time of the move, has raised questions about potential market activity.
The transfer occurred between the wallets “rP4X2hTa7A” and “rhWt2bhRq3,” both of which have been involved in high-volume transactions.
Source: X
The ongoing scrutiny of these wallets is partly due to their history of large transfers, often linked to Ripple. The recent movement has led many to question whether further large-scale transactions could follow, potentially impacting XRP’s price trajectory.
Blockchain data showed that both wallets involved in the recent transaction have an active history. The sending wallet, “rP4X2hTa7A,” has been closely linked to Ripple, having previously received significant amounts of XRP.
On the 23rd of September, this wallet received 200 million XRP directly from Ripple, and since then, it has dispersed funds across various unidentified wallets.
XRP price trends and technical analysis
As of press time, XRP was priced at $0.5281, reflecting a 0.17% increase in the past 24 hours. The total circulating supply stands at 57 billion XRP, giving the crypto a market cap of $29.9 billion.
Technical indicators show XRP hovering around $0.53, below the middle Bollinger Band, indicating a bearish trend.
The price was approaching a key support level of around $0.50, and a bounce from this level could signal a potential reversal.
On the downside, a break below $0.50 could lead to the price testing the $0.48 mark.
Source: TradingView
Meanwhile, the Awesome Oscillator (AO) shows negative momentum, but the shrinking bars suggest that selling pressure may be easing. Traders are advised to monitor for a possible bullish crossover in the coming days, which could indicate a shift in sentiment.
Aroon indicator and resistance levels
The Aroon Indicator reflects a neutral-to-bearish outlook. The Aroon Down is at 57.14%, signaling moderate downward pressure, while the Aroon Up sits at 28.57%, indicating weak upward momentum.
This suggests that the price could remain under pressure in the short term unless there is a shift in market dynamics.
The resistance level for XRP was around $0.55. A break above this level could lead to a rally toward $0.60, but failure to surpass it may result in further consolidation or decline.
XRP derivatives data and market activity
According to Coinglass data, XRP derivatives data reveals a notable drop in trading activity.
Volume has declined by 26.72%, falling to $738.79 million, while Open Interest(OI) is down 0.53% to $685.37 million.
This cooling of market activity suggests a cautious approach from traders, although Options Open Interest has increased by 2.73%, indicating that some traders are still positioning themselves for potential moves.
Source: Coinglass
Read Ripple (XRP) Price Prediction 2024-25
Liquidation data reveals that short positions suffered the most, with $399.16K rekt in the last 24 hours, compared to $299.59K in long liquidations.
This indicated that recent price movements caught bearish traders off guard.
