The cryptocurrency market is currently experiencing significant bearish sentiment, and XRP whales appear to be feeling the frustration. On September 19, 2024, Whale Alert, a blockchain transaction tracker, reported on X (formerly known as Twitter) that a substantial XRP whale offloaded 18.03 million tokens. These tokens, worth approximately $10.39 million, were transferred to the Bitstamp cryptocurrency exchange. The wallet address involved in this transaction remains unidentified.
XRP Whale Offloads Millions of Tokens
This considerable XRP dump during a bearish phase could potentially create additional selling pressure in the market. As of the latest update, XRP is trading near $0.578, having experienced a price decline of over 1.8% in the last 24 hours. Interestingly, during the same period, its trading volume surged by 15%, indicating increased participation from traders and investors despite the market downturn.
XRP Technical Analysis and Upcoming Levels
For the past six days, XRP’s price has been consolidating between $0.56 and $0.59. According to expert technical analysis, despite the substantial whale dump and the ongoing consolidation, XRP remains in an uptrend as it continues to trade above the 200 Exponential Moving Average (EMA). The 200 EMA is a key technical indicator used by traders and investors to determine an asset’s overall trend direction.
Based on current price momentum, XRP may experience an upside rally once it breaks out of the consolidation zone. If XRP manages to close a daily candle above the $0.60 level, there is a strong possibility that it could surge by 20%, reaching the $0.75 level in the coming days. However, during this potential upside rally, XRP might encounter resistance near the $0.65 level, where significant selling pressure exists. This bullish outlook will only hold if XRP closes a daily candle above the $0.60 level; otherwise, it may fail to move upward.
Bearish On-chain Metrics
Currently, XRP’s on-chain metrics are signaling a bearish trend. According to Coinglass, the XRP long/short ratio stands at 0.96, indicating a bearish market sentiment among traders. Additionally, its future open interest has declined by 5.5% in the last 24 hours.
Data reveals that 50.85% of top traders are holding short positions, while 49.16% are holding long positions. This suggests that bearish sentiment is prevailing among traders, further influencing the asset’s market dynamics.
