The recent surge in the cryptocurrency market has been accompanied by Ripple’s XRP token remaining relatively stable.
Crypto Whale Adds 50 Million XRP Tokens
A significant event occurred on October 21, 2024, when a crypto whale withdrew 52 million XRP tokens valued at $28.67 million from the ByBit exchange. This withdrawal following the market breakout has shifted sentiment from bearish to bullish.
XRP Technical Analysis and Key Levels
Expert technical analysis indicates a bullish trend for XRP after breaking out of a consolidation phase. If XRP manages to close above the $0.578 level, there is potential for a 20% rally to reach $0.67 in the near future. However, failure to close above this level may result in the rally faltering.
Bullish On-Chain Metrics
On-chain metrics further support the bullish outlook for XRP. The long/short ratio stands at 0.99, indicating weak strength among traders. Open interest has increased by 3.9%, signaling new positions being established. Liquidation levels are at $0.537 and $0.561, with traders being over-leveraged at these levels.
Currently trading near $0.544, XRP has seen a 2.5% price surge in the past 24 hours. Trading volume has also spiked by 117%, suggesting increased investor and trader participation. This heightened activity is a positive indicator for XRP holders.
