- One whale transferred 29.7 million XRP tokens, worth $12.7 million, to an unknown wallet.
- Technical and price action analysis suggest that XRP is bullish in the short term and may reach $0.46 levels.
On July 6, blockchain-based transaction tracking service “Whale Alert” post X announced that a major investor transferred 29.7 million XRP tokens, worth $12.7 million, from Binance, the world’s largest cryptocurrency exchange.
This notable XRP transfer could indicate accumulation by whales, as the cryptocurrency had fallen by over 15% on July 5th.
Why is XRP price increasing?
Following significant selling pressure across the cryptocurrency sector, major crypto assets, including Bitcoin, are expected to recover. [BTC]Ethereum [ETH]Solana [SOL] We have experienced a significant increase in prices.
The reason for this potential market recovery could be the massive $143 million inflow into Bitcoin ETFs (exchange-traded funds) and interest from large investors.
XRP Technical Analysis and Important Levels
According to expert technical analysis, XRP appears to be in a bearish trend as it has fallen below the key support level at $0.47.
In addition to the drop, the Ripple token is also trading below the 200 exponential moving average (EMA) on the daily chart, further indicating weakness.
Source: TradingView
However, the technical indicator, the Relative Strength Index (RSI), shows that XRP is in oversold territory. This RSI oversold area signals a potential recovery.
Analysing the chart and these indicators, if the token closes above $0.435 on the daily chart, it could rise to $0.46 levels in the short term.
Meanwhile, data from on-chain analytics firm CoinGlass highlights that traders are currently more bearish due to higher short positions compared to long positions over a seven-day period.
Moreover, traders are not expecting XRP to reach the $0.46 level as there are $14.85 million worth of short positions at that level. If XRP does reach the $0.46 level, $14.85 million worth of short positions will be liquidated.
Source: CoinGlass
In addition to this technical analysis, XRP is trading at around $0.433 at press time, according to CoinMarketCap, having experienced a price increase of over 8% over the past 24 hours.
Ripple [XRP] Price Forecast 2024-25
Meanwhile, interest from investors and traders has waned, as evidenced by a 54% drop in 24-hour trading volumes.
Looking at XRP’s long-term performance, its value has fallen by more than 9% in the past seven days, whereas in the past 30 days, the token has experienced a price drop of more than 18%.
