XRP, the cryptocurrency associated with Ripple, has been seeing significant attention from whales and institutional investors recently. This comes as Bitcoin has been driving the overall cryptocurrency market higher, approaching the $100,000 mark. XRP’s price has been showing bullish signs, with whales withdrawing large amounts of tokens from exchanges, signaling confidence in the asset’s potential for growth.
On November 20th, a whale transferred 111 million XRP tokens worth $123.59 million from Binance to an unknown wallet, further indicating bullish market sentiment for XRP. The continuous decrease in XRP reserves on exchanges suggests that both retailers and institutions are withdrawing tokens, potentially leading to a reduction in the likelihood of a price decline for the asset.
Technical analysis of XRP shows that the cryptocurrency is forming a bullish pennant pattern, hinting at a potential breakout. If XRP manages to close a candle above $1.15, it could surge by 63% to reach $1.90 in the near future. The Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA) also indicate bullish momentum for XRP, paving the way for a potential upward rally.
On-chain metrics further support XRP’s bullish outlook, with a significant increase in Open Interest (OI) in the past 24 hours. Traders are actively participating in trading activity, contributing to the rise in OI, which signals a bullish trend for XRP. The key liquidation levels for XRP are at $1.069 on the lower side and $1.135 on the upper side, with traders currently over-leveraged at these levels.
In terms of market sentiment, if the price of XRP rises to $1.135, nearly $15.76 million worth of short positions will be liquidated, indicating strong bullish sentiment among traders. However, if the price drops to $1.069, nearly $49 million worth of long positions will be liquidated. This data suggests that bulls holding long positions have dominated the asset compared to short sellers over the past 24 hours.
XRP is currently trading near $1.13, showing a price surge of over 3.2% in the past 24 hours. The trading volume has also increased by 25%, indicating heightened participation from traders and investors. With whales accumulating XRP tokens and bullish technical indicators, XRP could potentially see a significant rally in the near future. Overall, the cryptocurrency market sentiment seems to be favoring XRP, with potential for further growth in the coming days.
