The sentiment across the cryptocurrency market has been bearish for almost a month and looks to continue. In the last 24 hours, Ripple whales seem to be dumping significant amounts of XRP tokens on centralized exchanges (CEXs) including Binance, Bitso, and Bitstamp.
Ripple Whales Bearish Outlook or What?
On August 29, 2024, the blockchain-based transaction tracker Whale Alert made a post on X (previously Twitter) that Ripple whales had dumped over 106.2 million XRP tokens worth $60.55 million. These significant dumps occurred near a crucial support level, the 200 Exponential Moving Average (EMA) at the $0.55 mark.
Since July 2024, XRP has revisited this level multiple times, and each time it has experienced a price reversal. Despite this significant dump, there is speculation that it will reverse again.
XRP Technical Analysis and Key Levels
According to expert technical analysis, XRP is in an uptrend as it is trading above the 200 EMA. Additionally, its Relative Strength Index (RSI) remains neutral, indicating that it is neither in the over-bought area nor in the over-sold zone.
With this bullish outlook, there is a high possibility that XRP could soar by 10% to the $0.635 level in the coming days. However, if XRP fails to hold the 200 EMA, and closes a daily candle below the $0.542 level, a massive sell-off of over 13% to the $0.47 level could occur.
XRP Price Analysis and Open Interest
At press time, Ripple’s XRP is trading near the $0.574 level and has experienced a modest price surge of 0.5% in the last 24 hours. Meanwhile, its trading volume has dropped by 36.5% during the same period. This drop indicates potential fear among traders.
However, XRP’s open interest has remained stable in the last 24 hours, with a slight upward trend. In the past four hours, it has increased by 2%, indicating growing interest from traders amid the recent price drop.
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