Today, July 30, 2024, the cryptocurrency market dropped by 2.8%. Major cryptocurrencies like Bitcoin (BTC), Solana (SOL), and Binance Coin (BNB) saw their prices fall by 4%, 5.1%, and 3.5% respectively. Despite this, Ripple’s XRP is showing potential for growth, attracting investor interest.
70 Million XRP Tokens Moved from Exchange
Whale Alert, a blockchain transaction tracker, reported several large XRP transfers from Binance to private wallets. In the last 24 hours, whales moved 70 million XRP tokens, worth $42.48 million, in three transactions. These large transfers from exchanges to wallets usually mean investors plan to hold onto their tokens, suggesting a positive outlook for XRP.
Positive Technical Indicators for XRP
The XRP price chart shows a bullish symmetrical triangle pattern on a daily timeframe, which often indicates potential price increases. If XRP closes above the $0.618 level, it could rise to $0.73 and even $0.85 soon. XRP’s current position above the 200 Exponential Moving Average (EMA) on the daily chart supports this bullish trend.
Other indicators, like the Relative Strength Index (RSI) and Stochastic, show that XRP is neither oversold nor overbought. This means XRP has room to move in either direction, but recent whale activity and technical patterns suggest a positive breakout.
Investor Predicts Big Rally
Tony Severino, an investor and founder of CoinChartist, noted that XRP’s monthly Bollinger Bands are the tightest they have ever been. Bollinger Bands measure price volatility, and tight bands often come before major price movements. Severino pointed out that the last time this happened, in 2018, XRP’s price increased by 60,000%, supporting the bullish sentiment for XRP.
“$XRP monthly Bollinger Bands are the tightest ever. Tighter than before the historic 60,000% rally that ended in early 2018.” — Tony “The Bull” Severino, CMT (@tonythebullBTC) July 30, 2024
According to CoinGlass, an on-chain analytics firm, key price levels to watch are $0.591 and $0.615. If XRP’s price goes above $0.615, it could trigger the liquidation of $12.9 million in short positions, potentially driving the price higher. If the price falls below $0.591, $6.1 million in long positions could be liquidated, adding downward pressure.
Current XRP Status
Currently, XRP is trading near $0.60, down 1.7% in the last 24 hours. However, trading volume is up by 9%, indicating higher participation from investors and traders. Increased trading volume during a price drop suggests that many are buying the dip, supporting the bullish outlook.
Despite the overall market downturn, XRP shows promising signs of a potential breakout, backed by both technical analysis and significant whale activity. Investors will be closely watching key levels and market sentiment in the coming days to see XRP’s next move.
Not a financial advice.