CoinDesk Report:
A whale has transferred 29.7 million XRP tokens worth $12.7 million to an unknown wallet. Based on technical and price trend analysis, XRP appears bullish in the short term and may reach a level of $0.46.
On July 6, the blockchain-based transaction tracking company Whale Alert posted on X that a whale transferred 29.7 million XRP tokens worth $12.7 million from the world’s largest cryptocurrency exchange, Binance.
This significant transfer of XRP may indicate that whales accumulated XRP when it dropped over 15% on July 5.
Why is XRP price rising?
Following significant selling pressure in the cryptocurrency industry, the market is now poised for a recovery as top crypto assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experience substantial price surges.
The potential behind this market recovery could stem from a massive inflow of $143 million attributable to Bitcoin ETFs (exchange-traded funds) and whale interest.
XRP Technical Analysis and Key Levels
According to expert technical analysis, XRP appears bearish as it has a major support level at $0.47.
Additionally, the Ripple token is trading below the 200-day Exponential Moving Average (EMA) within the daily time frame, indicating further bearish sentiment.
However, the Relative Strength Index (RSI) shows that XRP is in oversold territory. This oversold RSI zone suggests a potential recovery.
Analyzing the charts and these indicators, if the token closes above $0.435 within the daily time frame, we might see a short-term rise towards the $0.46 level.
Nevertheless, data from on-chain analysis firm CoinGlass emphasizes that traders are currently more bearish, as short positions outweigh long positions over a 7-day time frame.
Furthermore, traders anticipate that XRP may not reach the $0.46 level due to significant short positions worth $14.85 million at that level. Should it reach the $0.46 level, these $14.85 million in short positions will be liquidated.
According to CoinMarketCap data, in addition to this technical analysis, at the time of writing, XRP’s trading price is close to $0.433, with a price increase of over 8% in the past 24 hours.
Read Ripple’s XRP Price Prediction 2024-25.
Meanwhile, investor and trader interest has declined, with a 54% decrease in trading volume over 24 hours.
Looking at XRP’s performance over a longer period, it has depreciated by over 9% in the last seven days. However, over the past 30 days, the token’s price has dropped by over 18%.