XRP Whale Moves 20 Million Tokens to Upbit
Ripple’s native token, XRP, recently captured the attention of the cryptocurrency community due to its significant upward movement. However, a recent update from Whale Alert, a prominent whale transaction tracker, has raised concerns among investors and traders. On November 24, 2024, Whale Alert highlighted a noteworthy transaction on X (formerly known as Twitter), suggesting that the rally might be approaching its conclusion.
In this particular transaction, an XRP whale transferred 20 million tokens, valued at approximately $27.24 million, to Bybit, South Korea’s leading cryptocurrency exchange. This massive transfer coincided with a broader market correction, during which XRP itself was experiencing challenges. The sell-off on the centralized exchange has created a bearish scenario on XRP’s daily chart, hinting at a potential price correction.
XRP Technical Analysis and Upcoming Levels
Expert technical analysis reveals that XRP is currently forming a bearish evening star candlestick pattern near the breakout level of $1.40. Should the altcoin complete this pattern and close below the $1.30 mark, a decline of 20% to around $1.05 could be on the horizon.
Despite the bearish signals, XRP has exhibited parabolic growth. To maintain this momentum, a price correction or consolidation might be necessary. Presently, XRP trades above the 200 Exponential Moving Average (EMA), signaling an ongoing uptrend. However, the Relative Strength Index (RSI) has been above 80 since November 11, 2024, indicating overbought conditions and suggesting limited room for further upward movement.
Traders’ Sentiment: Bullish or Bearish?
Beyond whale movements, the sentiment among traders remains a focal point of interest. According to data from Coinglass, an on-chain analytics firm, traders appear over-leveraged. Key levels are identified at $1.325 on the lower side and $1.379 on the upper side. Coinglass’s exchange liquidation map shows that traders hold $10.76 million worth of long positions at the lower level, while $12.41 million in short positions are concentrated at the upper level.
This liquidation data suggests that sell-side traders outnumber their counterparts, potentially leading to a price drop in the near term.
Current Price Momentum
As of the latest update, XRP is trading near $1.38, experiencing a 7.10% price decline in the past 24 hours. Additionally, trading volume has decreased by 30%, indicating reduced engagement from traders and investors compared to the previous day. This shift in market dynamics underscores the importance of monitoring whale activities and technical indicators for a better understanding of XRP’s future price movements.
