Altcoins
XRP Whale Watching: Will Moving 70 Million Tokens Help Altcoin Reach $1?
- In the last 24 hours, a whale moved 70 million XRP tokens from Binance to an unknown wallet.
- One expert suggested that XRP could see a significant surge, similar to what happened in 2018.
After an impressive rally, the overall cryptocurrency market fell 2.8%, with major assets including Bitcoin [BTC], Solana [SOL]And Binance Coin [BNB] Prices fell by 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 made several posts on X (formerly Twitter), highlighting that several whales moved a total of 70 million XRP tokens worth $42.48 million from the Binance exchange.
This massive transfer of tokens occurred over the past 24 hours in three separate transactions.
XRP Price Prediction
According to AMBCrypto’s analysis, XRP appeared 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 momentum, if XRP’s daily candle gives a strong close above the $0.618 level, there is a high chance that it will reach the $0.73 and $0.85 levels in the coming days.
Source: TradingView
At press time, XRP was holding its price above the 200 exponential moving average (EMA) on a daily time frame. Any asset’s price above the 200 exponential moving average on a longer time frame signals a bullish trend.
Other technical indicators like the Relative Strength Index (RSI) and Stochastics signaled that XRP was in a neutral zone, meaning it was neither in the oversold nor the overbought zone.
The story repeats itself?
Investor and Founder of CoinChartist Tony Severino posted a message 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% surge.
Currently, the main liquidation levels are at $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, nearly $12.9 million in short positions will be liquidated.
Conversely, if the price falls below the $0.591 level, $6.10 million of long positions will be liquidated.
Source: CoinGlass
Read Ripples [XRP] Price forecast 2024-25
At press time, XRP was trading near the $0.60 level, having seen a 1.7% decline over the past 24 hours.
At the same time, trading volume increased by 9%, indicating increased participation of investors and traders during the same period.