- A whale transferred a massive 29.7 million XRP tokens worth $12.7 million to an unknown wallet.
- According to technical and price action analysis, XRP looks bullish in the shorter time frame and may hit the $0.46 level.
On 6th July, a blockchain-based transaction tracker Whale Alert made a post on X stating that a whale transferred a massive 29.7 million XRP tokens worth $12.7 million from the world’s biggest cryptocurrency exchange Binance.
This notable XRP transfer might indicate accumulation by whales as it fell over 15% on 5th July.
Why is XRP’s price increasing?
After significant selling pressure across the cryptocurrency sector, the market now looks to recover as top crypto assets including Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] have experienced a massive price surge.
The reason behind this potential market recovery could be the substantial $143 million inflow to Bitcoin ETFs (Exchange Traded Funds) and whale interest.
XRP technical analysis and key levels
According to expert technical analysis, XRP is looking bearish as it gave a breakdown of a major support level at $0.47.
Besides this breakdown, the Ripple token was also moving below a 200 Exponential Moving Average (EMA) on a daily time frame, which further signals bearishness.
Source: TradingView
However, the technical indicator Relative Strength Index (RSI) shows that XRP is in an oversold area. This RSI oversold area signals a potential recovery.
While analyzing the chart and these indicators it looks that if the token closes above $0.435 on a daily time frame, we may see an upside move to the $0.46 level for a short period.
Whereas, data from an on-chain analytic firm CoinGlass highlights that traders are currently more bearish because of a higher short position compared to long positions over a 7-day time frame.
Additionally, traders expect that XRP won’t reach the $0.46 level, as there are $14.85 million worth of short positions at that level. If it reaches the $0.46 level then $14.85 million of short positions will liquidate.
Source: CoinGlass
Besides this technical analysis, XRP was trading near $0.433 at press time and has experienced a price surge of over 8% in the last 24 hours, according to CoinMarketCap.
Read Ripple’s [XRP] Price Prediction 2024-25
Meanwhile, investor and trader interest has decreased, as indicated by a 54% decline in 24-hour trading volume.
If we look at the performance of XRP over a longer period, it has lost over 9% of its value in the last seven days. Whereas, in the last 30 days the token experienced a price drop of over 18%.
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