- In the last 24 hours, a whale moved 70 million XRP tokens from Binance to an unknown wallet.
- One expert suggested that XRP could see a significant rally, similar to what happened in 2018.
After an impressive rally, the overall cryptocurrency market fell 2.8%, with top assets including Bitcoin [BTC]Solana [SOL]and Binance Coin [BNB] saw price drops of 4%, 5.10% and 3.5% respectively.
This sudden market drop may have created a bullish narrative for Ripple [XRP]The world’s seventh largest cryptocurrency – here’s how.
Whales move 70 million XRP tokens
The blockchain transaction tracker will follow on July 30 Whale alert made several posts on X (formerly Twitter), noting that multiple whales moved a total of 70 million
This massive token transfer took place in three different transactions in the last 24 hours.
XRP Price Prediction
According to AMBCrypto’s analysis, XRP was looking bullish at the time of writing as it has formed a bullish symmetrical triangle on a daily time frame. This pattern typically appears before significant price changes.
Based on the historical price momentum, if the XRP daily candle gives a strong close above the $0.618 level, there is a good chance that it will reach the $0.73 and $0.85 levels in the coming days.
Source: TradingView
At the time of writing, XRP maintained its price above the 200 Exponential Moving Average (EMA) on a daily time frame. The price of assets above the 200 EMA on a higher time frame indicates bullishness.
Other technical indicators such as the Relative Strength Index (RSI) and Stochastic indicated that XRP was in a neutral zone, meaning it was neither in the oversold nor overbought zone.
History repeats itself?
Investor and founder of CoinChartist Tony Severino posted a message on X stating that XRP’s monthly Bollinger Bands are “the tightest ever.”
He noted that the last time this happened – in 2018 – the price of XRP had a 60,000% rally.
Currently, the key liquidation levels are at $0.591 and $0.615, according to CoinGlass, an on-chain analytics firm.
If market sentiment changes and the XRP price crosses the $0.615 level, nearly $12.9 million worth of short positions will be liquidated.
Conversely, if the price falls below the $0.591 level, $6.10 million worth of long positions will be liquidated.
Source: CoinGlass
Read Ripple’s [XRP] Price forecast 2024-25
At the time of writing, XRP was trading around the $0.60 level, having moved down 1.7% in the past 24 hours.
Meanwhile, trading volume rose 9%, indicating greater participation from investors and traders over the same period.