- In the past 24 hours, a whale has moved 70 million XRP tokens from Binance to an unknown wallet.
- One expert said that XRP could experience a significant rally similar to what happened in 2018.
After an impressive rally, the overall cryptocurrency market fell by 2.8%, with major assets including Bitcoin (BTC), Solana (SOL), and Binance Coin (BNB) seeing their prices fall by 4%, 5.10%, and 3.5%, respectively.
This sudden market crash has potentially created a bullish mood for Ripple (XRP), the world’s seventh-largest cryptocurrency. Here’s why:
Whale Moves 70 Million XRP Tokens
On July 30, blockchain transaction tracking site Whale Alert made several posts on X (formerly Twitter) stating that several whales had moved a total of 70 million XRP tokens from Binance exchange, worth $42.48 million.
This massive token transfer took place in three different transactions over the past 24 hours.
XRP Price Prediction
According to AMBCrypto’s analysis, XRP looked bullish at the time of writing, as it formed a bullish symmetrical triangle on the daily time frame. This pattern usually appears before a significant price move.
Based on past price trends, if XRP closes strongly above the $0.618 level on its daily candle, it is likely to reach the $0.73 and $0.85 levels in the coming days.
Source: TradingView
At the time of writing, XRP is holding its price above the 200 Exponential Moving Average (EMA) on the daily time frame. Any asset that is above the 200 EMA on higher time frames is showing bullishness.
Other technical indicators such as RSI (Relative Strength Index) and Stochastic indicate that XRP is in a neutral zone, meaning that it is neither in the oversold nor oversold zone.
History repeats itself?
Tony Severino, investor and founder of CoinChartist, posted a post on XRP claiming that its monthly Bollinger Bands are the “narrowest they’ve ever been.”
He noted that the last time this happened was in 2018, when the price of XRP rose 60,000%.
According to on-chain analytics firm CoinGlass, the current major liquidation levels are $0.591 and $0.615.
If market sentiment changes and the price of XRP breaks through the $0.615 level, short positions worth approximately $12.9 million will be liquidated.
Conversely, if the price falls below the $0.591 level, the long position worth $6.1 million will be liquidated.
Source: CoinGlass
Read our Ripple(XRP) Price Prediction 2024-25
At the time of writing, XRP was trading around $0.60, down 1.7% over the last 24 hours.
Meanwhile, trading volumes increased by 9%, indicating increased participation from investors and traders over the same period.