XRP, Ripple’s native token, has recently attracted significant attention from the cryptocurrency community due to its impressive surge in value in recent days. However, on November 24, 2024, Whale Alert, a whale transaction tracker, posted on X (formerly Twitter) signaling that this rally may be coming to an end.
XRP Whale Moves 20 Million Tokens to Upbit
According to the post on X, an XRP Whale dumped 20 million tokens worth $27.24 million on Bybit, South Korea’s largest crypto exchange. This massive sell-off took place during a period when the overall cryptocurrency market was experiencing a correction phase, and XRP was facing challenges.
Following this dump on the centralized exchange (CEX), XRP’s daily chart is showing a bearish trend, indicating a potential significant correction in its price.
XRP Technical Analysis and Upcoming Levels
Expert technical analysis suggests that XRP is forming a bearish evening star candlestick pattern near the $1.40 breakout level. If the altcoin successfully completes this pattern and closes below the $1.30 level, it could drop by 20% to reach $1.05 in the near future.
Despite its recent parabolic movement, XRP may need to undergo a correction or consolidation phase to sustain its momentum in the future.
Currently, the altcoin is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an upward trend. However, its Relative Strength Index (RSI) has been above 80 since November 11, 2024, suggesting that the asset is overbought and may have limited room for further growth.
Traders Sentiment: Bullish or Bearish
Aside from whale activity, data from Coinglass, an on-chain analytics firm, indicates that traders are highly leveraged, with key levels at $1.325 and $1.379. The exchange liquidation map from Coinglass shows a concentration of $10.76 million in long positions at the lower level and $12.41 million in short positions at the upper level.
This liquidation data suggests that there is a higher concentration of sell-side traders, potentially leading to a price decline in the near future.
Current Price Momentum
At the moment, XRP is trading around $1.38, with a 7.10% decline in the past 24 hours. The trading volume has also decreased by 30%, indicating lower participation from traders and investors compared to the previous day.
