During this market reversal, XRP whales are capitalizing on the recent price drop by adding millions of tokens to their wallet. On October 4, 2024, the blockchain-based transactions tracker Whale Alert reported that whales withdrew a substantial 58.9 million XRP tokens valued at $30.8 million from Binance and Indodax.
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XRP Whale Activity Amid Price Pressure
This announcement on X garnered significant attention from crypto enthusiasts due to the notable selling pressure on XRP, resulting in a price decline of over 20% following the recent SEC appeal in the Ripple lawsuit.
Despite this, the overall cryptocurrency market has begun to recover, with XRP seeing a 2.10% increase over the past 24 hours, currently trading around $0.534. However, there has been a 40% decrease in XRP trading volume during the same period, indicating lower interest from traders and investors.
XRP Technical Analysis and Upcoming Level
Expert technical analysis suggests that XRP is showing bullish signs despite trading below the 200 Exponential Moving Average (EMA) on a daily basis. The 200 EMA is a key indicator used to determine whether an asset is in an uptrend or downtrend.
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Moreover, XRP has been trading in a channel pattern between $0.51 and $0.65 for the past three months. Currently at the lower end of the channel, there is a strong possibility that it could surge by 20% to reach the $0.65 level in the near future.
Bearish On-Chain Metrics
Despite the positive outlook for XRP, its on-chain metrics are signaling bearish sentiment. According to on-chain analytics firm Coinglass, XRP’s long/short ratio is at 0.95, indicating a bearish market sentiment among traders. Additionally, the future open interest for XRP has remained unchanged in the last 24 hours.
