Ripple
XRP whales scoop up 50 mln tokens amid price drop – Bull run incoming?
XRP whales have added over 50M tokens in the last 24 hours and increased holdings by nearly $29.5 million.
- If XRP falls to $0.575, nearly $18 million of long positions will be liquidated.
- The altcoin could soar by 40% to the $0.90 level if it closes a daily candle above the $0.645 level.
The overall cryptocurrency market is turning red after experiencing an impressive price surge and a recent rate cut announcement.
Amid this struggling cryptocurrency market, Ripple [XRP] whales have accumulated significant XRP tokens in the last 24 hours, as reported by a prominent crypto expert.
XRP whales on a buying spree
In a post on X (formerly Twitter), it was reported that XRP whales have added over 50 million tokens in the last 24 hours, and increased their holdings by approximately $29.5 million.
This suggested that whales were taking advantage of the recent price drop.
However, this massive accumulation comes following the announcement of an XRP documentary by the Los Angeles-based film studio Fruition Production.
Major liquidation levels and market sentiment
According to the on-chain analytic firm Coinglass, investors’ and traders have been betting more on long positions than short positions over the last seven days.
At press time, major liquidation levels were near $0.575 on the lower side and $0.604 on the higher side, as traders are over-leveraged at these levels.
Source: Coinglass
If the market sentiment remains bearish and the XRP price falls to $0.575, nearly $18 million of long positions will be liquidated.
Conversely, if the sentiment shifts and the price soars to the $0.604 level, nearly $13.3 million worth of short positions will be liquidated.
XRP technical analysis
According to expert technical analysis, XRP was in an uptrend as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame.
Additionally, XRP looks bullish due to the formation of an inverted head and shoulder price action pattern on a daily time frame.
Source: TradingView
However, in the short term, there is a high chance that the XRP price will fall to the $0.558 level. Whereas, XRP is bullish on a higher time frame.
If a daily candle closes above the $0.645 level, there is a high possibility we may see a significant price surge of over 40% to the $0.90 level, in the coming days.
Price analysis
At press time, XRPwas trading near $0.586, having experienced a price drop of over 1.6% in the last 24 hours, despite whale accumulation.
Read Ripple’s [XRP] Price Prediction 2024–2025
Meanwhile, its trading volume has increased by 34% during the same period, signaling higher participation from traders amid the price drop.
Whereas, the altcoin’s Open Interest dropped by 5% in the last 24 hours, according to Coinglass. This showed that investors’ interest was declining due to this ongoing struggling market.
