In recent weeks, Ripple’s XRP has experienced a noticeable price increase, contrasting with declines in Bitcoin (BTC), Solana (SOL), and Binance Coin (BNB), which fell by 4%, 5.10%, and 3.5%, respectively. This bullish trend in XRP has emerged despite the overall cryptocurrency market‘s value dropping by 2.8%. Investors of the seventh-largest cryptocurrency by volume have found this uptick encouraging.
Whales Take Action
Whale Alert, a service that monitors significant blockchain transactions, reported significant movements involving XRP on July 30. Notably, whales transferred 70 million XRP tokens, valued at approximately $42.48 million, from the Binance exchange. These transfers were executed across three transactions within a 24-hour period, raising curiosity in the cryptocurrency community.
What Will XRP’s Price Be?
Analysts suggest that XRP’s price might be on the brink of a major movement, as indicated by the formation of a symmetrical triangle on daily charts. This pattern is often observed before significant price shifts. Historical data points to the potential for XRP to reach $0.73 and $0.85 if it breaks the $0.618 level in daily candle closes.
Key Insights for Investors
Critical Takeaways:
- Whale transactions often signal potential price movements.
- A symmetrical triangle pattern can precede significant price changes.
- Maintaining a price above the 200 EMA typically indicates an upward trend.
- Liquidation levels at $0.591 and $0.615 are crucial for monitoring potential price reversals.
Currently, XRP sits above the 200 Exponential Moving Average (EMA) on the daily timeframe, suggesting a continued bullish trend. If the price remains above this technical indicator, it could signal further upward momentum.
XRP Comments
Tony Severino, founder of CoinChartist, highlighted that XRP’s monthly Bollinger Bands are at their narrowest since 2018, a time when XRP surged by 60,000%. CoinGlass data also identifies primary liquidation levels at $0.591 and $0.615. Recently, $12.9 million in short positions were liquidated as XRP surpassed $0.61. If the trend reverses and prices drop below $0.591, $6.10 million in long positions could face liquidation.