- If XRP closes a daily candle above the $0.558 mark, it could surge by 17% toward the $0.65 level.
- By analyzing both on-chain metrics and technical insights, it seems the bulls are currently in control of the asset.
As bullish sentiment continues to permeate the cryptocurrency market, XRP has successfully emerged from an extended consolidation phase, suggesting potential upward movement.
Whale acquires 52 million XRP tokens
Transaction tracker Whale Alert reported on X (formerly Twitter) that a significant crypto whale withdrew 52 million XRP tokens valued at $28.67 million from Bybit, a South Korean crypto exchange.
Although other cryptocurrencies have been rallying, XRP’s gains have been somewhat muted until recently, but on-chain data is hinting at a possible change.
Source: X
XRP technical analysis and significant levels
According to technical insights from AMBCrypto, XRP appears to be on an upward trajectory after breaking out from a three-week consolidation period as well as moving above the 200-day Exponential Moving Average (EMA).
Nonetheless, there is still uncertainty regarding whether the asset will see a rally or continue to consolidate until it closes its daily candle.
Source: TradingView
Recent price trends and historical patterns suggest that if XRP successfully closes a daily candle above $0.558, it could potentially rise by 17% to hit the $0.65 level shortly.
Positive on-chain metrics
At the time of writing, XRP’s key liquidation points are $0.537 on the downside and $0.57 on the upside, with a number of traders over-leveraged at these points, as noted by on-chain analytics provider Coinglass.
Source: Coinglass
If the bullish momentum persists and the price ascends to $0.57, approximately $5.88 million in short positions could face liquidation.
On the flip side, should the market sentiment turn negative and the price dips to $0.537, around $13.3 million in long positions may be liquidated.
XRP’s Open Interest has increased by 2.5% in the past 24 hours, indicating a growing trader interest following the recent breakout, which is seen as a bullish signal for XRP holders.
Currently, the long/short ratio for XRP is at 0.98, suggesting relatively weak trader engagement.
Considering both the on-chain metrics and technical analysis, bulls appear to be dominating, yet their strength may be lacking at this moment.
Overall, the sentiment surrounding XRP remains bullish.
Read XRP’s Price Prediction 2024 – 2025
Current price dynamics
As of the latest update, XRP is trading around $0.5532, experiencing a price increase of over 2.35% in the last 24 hours.
During this timeframe, trading volume surged by 115%, reflecting considerable involvement from traders and investors likely driven by the recent breakout.
