XRP – Examining if $58M whale move can push prices to $3.30
XRP broke key resistance, but $75 million in shorts still hang above. What will happen?
Key Takeaways
XRP climbed past $3.07 amid strong whale activity and exchange outflows. Despite bullish technicals and a Supertrend flip, large short positions near $3.10 suggest upcoming volatility if bulls push for $3.30.
On the 5th of August, Whale Alert flagged a massive transfer of 20 million Ripple [XRP] (worth $58.6 million) from Upbit to an unknown wallet.
Such transfers often signal whale accumulation, especially when aligned with broader bullish trends.
That appears to be the case here.
According to CoinGlass, Spot exchanges saw 29.38 million XRP in net outflows over the past 24 hours.
This trend suggests long-term holders are withdrawing assets, a move typically associated with accumulation and price optimism.
Bears build walls around $3.10
However, traders are still taking a bearish stance. XRP’s Exchange Liquidation Map shows that traders are betting against the rally.
At the time of writing, short liquidations were stacked near $3.113, totaling $75.65 million.
Meanwhile, $42.85 million in long positions were near $2.97, creating high-risk pockets on both ends. If price volatility accelerates, either zone could trigger a liquidation cascade.
At press time, XRP traded at $3.06, up 0.79% in 24 hours. Trading volume remained flat, hinting at possible indecision before the next major move.
XRP price action and technical analysis
AMBCrypto’s technical analysis revealed that XRP has turned bullish on the four-hour chart and is poised for a rally.
This bullish setup emerged after the asset broke through a key resistance level during the recent price uptick.
Based on recent price action, XRP has successfully broken out of the pattern and was retesting it at press time.
Amid this ongoing retest, if the price holds the breakout and sustains above the $3 level, there is a strong possibility that the altcoin could soar by 10% and reach the $3.30 level.
This $3.30 zone marks a local resistance and may act as a short-term barrier for Ripple’s upward momentum.
The breakout has also triggered a green Supertrend signal, with XRP now trading above it, suggesting that bullish sentiment is returning and the market may be shifting in favor of the bulls.
