Amid the broader cryptocurrency market’s bullish sentiment, XRP has finally shaken off a prolonged consolidation phase, sparking optimism for a potential price surge. After lagging behind other assets, key on-chain metrics now suggest that XRP could be primed for a significant upward movement.
Whale Adds 52 Million XRP
In a recent transaction, a crypto whale made headlines after withdrawing 52 million XRP tokens, valued at $28.67 million, from the South Korean exchange Bybit, as reported by Whale Alert on X (formerly Twitter). This massive withdrawal signals growing confidence in XRP as it breaks free from its multi-week consolidation.
Despite the market rallying, XRP has been slow to make gains. However, this whale activity, coupled with other bullish signals, may indicate that the tides are turning in favor of the digital asset.
According to AMBCrypto’s technical analysis, XRP has entered a bullish zone after breaking out from a three-week consolidation period and surpassing the crucial 200-day Exponential Moving Average (EMA). These developments have positioned the asset for potential gains, but traders are watching closely to see if XRP can maintain this momentum.
A critical level to watch is the $0.558 mark. Should XRP close a daily candle above this price, analysts predict the token could rise by 17%, reaching $0.65 in the coming days. However, there remains uncertainty around whether XRP will continue its upward trajectory or revert to consolidation.
Bullish On-Chain Metrics
On-chain analytics further support the bullish case for XRP. Key liquidation levels currently sit at $0.537 on the downside and $0.57 on the upside, according to Coinglass. A move to $0.57 would trigger liquidations of short positions worth $5.88 million, while a dip to $0.537 could see $13.3 million in long positions wiped out.
Notably, XRP’s Open Interest—a measure of market activity—has surged by 2.5% in the last 24 hours, indicating renewed interest from traders. However, XRP’s long/short ratio, standing at 0.98, suggests that while bulls are gaining ground, their dominance remains somewhat weak.
Current Price Momentum
At press time, XRP was trading at $0.5532, following a 2.35% increase in the last 24 hours. Trading volume has skyrocketed by 115%, indicating heightened trader participation, likely fueled by the breakout and the promise of further gains.
Also Read: Elon Musk’s XRP Mention Sparks 2.4% Surge As Active Wallets Hit 3-Month High
While the bullish sentiment around XRP is growing, all eyes remain on whether the asset can maintain its momentum and break through key resistance levels. With on-chain metrics showing increasing activity and whale accumulation, XRP holders have reason to be optimistic about the road ahead.
XRP’s breakout from consolidation is a pivotal moment for the token, signaling potential gains in the near future. As key technical levels and on-chain metrics align, the asset could be on the verge of a rally—though caution remains. Traders and investors should watch closely for XRP’s next moves as it navigates this critical juncture.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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