XRP price prediction: Will whale buying be enough to push it past $1.20?
As things stand, XRP needs an H4 session close above $1.29 to flip this timeframe's swing structure bullishly.
Ripple [XRP] whales accumulated an additional 70 million tokens, AMBCrypto reported on July 16. Top traders on the biggest centralized exchange by trading volume, Binance, were overwhelmingly positioned long.
The long/short ratio was at 3.44, but the altcoin has not been able to breach the $1.20 local supply zone.
Clues from the XRP derivatives about the next price move
Crypto analyst PelinayPA noted that the funding rates for XRP remained close to zero. Long and short liquidations were more or less equally balanced. Neither bulls nor bears have a decisive advantage in the market right now.
The neutral funding and evenly distributed liquidations suggested that a major squeeze was not expected anytime soon. Powerful squeezes of either long or short positions are usually driven by market participants crowding one side of the trade.
The analyst concluded that the market was balanced and indecisive. A catalyst, such as a Bitcoin [BTC] impulse price move, could help XRP set its next trend.
The 3-month liquidation map showed that the cumulative short liquidation leverage was considerably higher. As noted earlier, the $1.20 supply zone is the biggest short-term obstacle to XRP bulls.
A $102.2 million cumulative leverage has built up to $1.202, CoinGlass data showed. By comparison, cumulative long leverage stood at $61.17 million, down to the $1.02 level.
This setup suggests XRP could be drawn toward overhead liquidity before any broader directional move develops.
XRP price prediction- Wait to sell
The 4-hour swing structure was bearish. A descending wedge pattern [green] was established, and a bullish breakout from this pattern has ensued. Yet, the $1.18-$1.23 resistance zone is likely to halt bullish efforts.
As things stand, XRP needs an H4 session close above $1.29 to flip this timeframe’s swing structure bullishly. Until then, the XRP price prediction would maintain a bearish bias. Traders can use a test of the $1.18-$1.23 area to sell.
Final Summary
- The derivatives data showed that a major XRP squeeze in either direction was not likely soon, based on the relatively even positioning among bulls and bears.
- The price chart showed a bearish structure in place, and a move toward the $1.20 supply zone would be for selling.
