In the last 24 hours, whales bought over 60 million $XRP. This act of strength is providing positivity to bulls in the falling market.
XRP price has dropped by 3.40% from its intraday high of $2.76 to currently trading at $2.63. This means that although the purchase was large, it has not immediately affected the market.
However, the trading volume has jumped by 32% after the purchase to $4.5 billion. Data from CoinMarketCap showed that most of the transactions are from the Binance exchange, which indicates that more traders are still getting involved.
So even though the price isn’t doing much, this overall market activity might soon lead to a surge in the assets.
Meanwhile, the chart shows that XRP might soon break out of its current range. Looking at the 4-hour chart, we can see a bullish cup and handle pattern forming. This majorly signals that the price might surge soon.
Also, the RSI is nearing an oversold level with the moving average line currently at 28.56, which is below the lower band of 30, meaning the bulls might soon step in.
If XRP breaks above $2.80 and stays there for a while, it could rise by 20% and reach $3.40 soon.
Meanwhile, we can consider a more positive outlook. For instance, data from Coinglass shows that both short-term traders and long term traders are leaning towards buying XRP.
Right now, long-term traders are dominating, recording $28 million worth of long positions at $2.62, which indicates that traders are confident the price will go up. On the other hand, short positions at $2.73 have reached $12.66 million, meaning some traders are betting against XRP’s price.
