Amid the prevailing positive market sentiment in the cryptocurrency world, XRP has finally emerged from a prolonged period of consolidation and is hinting at a potential upward movement.
Noteworthy Purchase of 52 Million XRP Tokens by a Whale
Whale Alert, a blockchain-based platform tracking transactions, recently reported that a significant crypto holder withdrew 52 million XRP tokens valued at $28.67 million from the South Korean exchange Bybit.
Despite the recent market surge, XRP has been slower in catching up with gains, but on-chain data suggests a change in the trend.
Analysis of XRP’s Technical Status and Key Levels
According to CryptoCrypto’s technical analysis, XRP is exhibiting a bullish trend after breaking out of a three-week consolidation phase and surpassing the 200-day Exponential Moving Average (EMA).
Although the outlook is positive, uncertainty looms over whether XRP will witness a rally or continue consolidating until the daily candle closes.
Recent price movement and momentum indicate that if XRP ends a daily session above $0.558, there’s a high chance the coin could surge by 17% to reach $0.65 in the near future.
Positive On-Chain Indicators
Currently, the significant liquidation levels for XRP are at $0.537 and $0.57, with Coinglass, an on-chain analytics firm, reporting high trader leverage at these points.
In a bullish scenario where the price climbs to $0.57, short positions worth nearly $5.88 million would be liquidated, while a drop to $0.537 would lead to long positions totaling around $13.3 million being liquidated.
Over the last 24 hours, XRP’s Open Interest has increased by 2.5%, indicating a rising interest from traders post the breakout. This development signals a positive outlook for XRP holders.
Meanwhile, the long/short ratio for XRP currently stands at 0.98, suggesting a lack of strong trader interest at the moment.
Considering these on-chain metrics alongside the technical analysis, it appears that bulls are in control of XRP, albeit with relatively mild strength. However, the overall sentiment surrounding XRP remains bullish.
Current Price Trends
At the present moment, XRP is trading around $0.5532, registering a price increase of more than 2.35% over the past 24 hours.
During this period, trading volume has surged by 115%, indicating significant engagement from traders and investors possibly triggered by the recent breakout.