XRP Whale Acquires 52 Million Tokens Signaling Potential Upsurge

Coin World Report:
If the closing price of XRP exceeds $0.558, XRP may surge by 17% to reach the level of $0.65.
Combining these on-chain indicators with technical analysis, it seems that the bulls are dominating this asset.
In the continuously bullish market sentiment in the cryptocurrency field,
XRP has finally broken free from its long consolidation phase and indicates potential for an upward movement.
Whale adds 52 million XRP tokens;
Blockchain-based transaction tracker Whale Alert posted a tweet stating that a crypto whale withdrew 52 million XRP tokens worth $28.67 million from the South Korean cryptocurrency exchange Bybit.
Despite the market rebound, XRP has lagged behind in terms of gains so far, but on-chain indicators indicate a shift.
XRP technical analysis and key levels;
According to AMBCrypto’s technical analysis, XRP appears bullish as it has broken out of a three-week consolidation zone and the 200-day Exponential Moving Average (EMA).
Although the outlook is positive, it is still uncertain whether the asset will bounce back or continue to consolidate before the XRP closing.
Based on recent price movements and historical momentum, if the closing price of XRP exceeds $0.558, the asset is highly likely to surge by 17% to reach the level of $0.65 in the coming days.
Bullish on-chain indicators;
According to on-chain analysis firm Coinglass, the major liquidation levels for XRP are lower at $0.537 and higher at $0.57, with traders being overleveraged at these levels.
If the market sentiment remains bullish and the price rises to $0.57, short positions worth nearly $5.88 million will be liquidated.
On the contrary, if the market sentiment changes and the price drops to the level of $0.537, long positions worth approximately $13.3 million will be liquidated.
Currently, XRP’s open interest in contracts has risen by 2.5% in the past 24 hours, indicating increasing interest from traders after the breakout. In fact, this seems to be a bullish sign for XRP holders.
On the other hand, as of the time of writing, the long/short ratio for XRP is 0.98, indicating weak interest from traders.
Combining these on-chain indicators with technical analysis, it appears that the bulls are currently dominating this asset, although their strength is still relatively weak.
However, the overall sentiment for XRP is currently bullish.
Read
Price prediction for XRP
2024 – 2025
Current price trend
As of the time of writing, after a price surge of over 2.35% in the past 24 hours, XRP is trading close to $0.5532.
During the same period, its trading volume has increased by 115%, indicating high participation from traders and investors, possibly due to the recent breakout.