Amidst the ongoing selling pressure in the cryptocurrency market, major assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP (XRP) have witnessed significant price declines. However, Ripple whales seized this opportunity to buy millions of tokens at lower prices.
XRP Whale Acquires Over 50 Million TokensÂ
On August 27, 2024, a well-known crypto analyst posted on X (formerly Twitter) revealing that XRP whales had amassed over 50 million tokens within the past 24 hours. This accumulation amounted to an increase of approximately $29.5 million in their holdings.
Surge in XRP Open Interest
Following this significant accumulation, XRP’s open interest surged by 2.2% in the last four hours, as reported by the on-chain analytics firm CoinGlass. This rise in open interest indicates a growing interest from investors amidst the recent price downturn.
XRP Price ForecastÂ
Technical analysis experts suggest a bullish outlook for XRP, as it forms a bullish inverted head and shoulder price action pattern. The $0.633 level plays a crucial role as the neckline of this bullish pattern on XRP’s daily chart.
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If XRP manages to break above this level and close a daily candle beyond $0.633, there is a high likelihood of a significant upward rally towards the $0.75 mark.
Key Liquidation Zones
At present, the major liquidation levels are around $0.581 on the lower end and $0.604 on the upper end, where traders hold significant leverage, according to Coinglass data.
Should market sentiment shift positively and XRP rise to the $0.604 level, approximately $14.52 million worth of short positions will be liquidated. Conversely, if sentiment remains bearish and the price drops to the $0.581 level, around $4.86 million worth of long positions will face liquidation. The prevalence of short positions indicates a bearish sentiment towards XRP.
Current Market Status
Currently trading near $0.595, XRP has seen a modest price increase of 0.7% in the last 24 hours. Furthermore, its trading volume has surged by 17% during the same period, suggesting a rise in trader participation following the recent price decline.
