XRP Whale Transfer a Whopping 70M XRP, Analyst Predicts Upcoming Bull Run
On July 30th, Whale Alert, a blockchain tracking service, reported a series of transactions involving 70 million XRP tokens valued at $42.48 million being moved out of the Binance exchange by whales. This activity has garnered attention within the crypto community and may indicate significant market movements.
XRP Daily Chart Historical Bullish Pattern
Analyzing XRP’s daily chart reveals a bullish symmetrical triangle pattern, suggesting a potential upward trend. Historical data indicates that such patterns often precede substantial price movements. If XRP can achieve a daily close above the $0.618 resistance level, it may target prices of $0.73 and $0.85 in the coming days.
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Currently, XRP is trading above the 200 Exponential Moving Average (EMA) on a daily timeframe, indicating a strong bullish sentiment. Key metrics such as the Relative Strength Index (RSI) and Stochastic Oscillator position XRP in a neutral zone, indicating balanced market sentiment and potential for upward movement.
Expert Stance on XRP
Renowned investor Tony Severino of CoinChartist noted that XRP’s monthly Bollinger Bands are at their tightest since 2018, a period that preceded a 60,000% rally. Breaching the $0.615 level could trigger liquidation of roughly $12.9 million in short positions, fueling a potential surge. Conversely, a drop below $0.591 would lead to the liquidation of $6.1 million in long positions.
As of the latest updates, XRP has hovered around the $0.60 mark, experiencing a slight 1.7% decline in the past 24 hours. However, a 9% increase in trading volume indicates heightened activity and market interest. Analysts are closely monitoring these developments for indications of a potential breakout.
Considering the recent whale activity and technical indicators, XRP’s near-term future looks promising. With bullish formations and a history of significant rallies, XRP is drawing attention as a cryptocurrency to watch. Investors should stay abreast of market movements and technical levels to effectively assess potential opportunities and risks.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
