- XRP could see a 30% upside move if it holds itself above the $0.48 level.
- XRP’s major liquidation levels were $0.463 on the lower side and $0.532 on the upper side.
The overall market is recovering after a massive crash across the cryptocurrency landscape. This potential recovery is due to the interest of whales and investors, who are buying the dip.
According to blockchain transaction tracker Whale Alert, in the last 24 hours, whales and investors have transferred a significant 157 million XRP tokens worth $75.05 million from centralized exchanges (CEXes).
In this, the massive tokens transferred were done via Binance [BNB].
In contrast, only one transaction where whales and institutions moved 34.2 million XRP tokens worth $16.9 million was done via the Bitvavo cryptocurrency exchange. However, the wallet address remained unidentified.
XRP price-performance analysis
At press time, XRP is trading near the $0.50 level and has experienced a price surge of over 8% in the last 24 hours. Besides the impressive price surge, its trading volume has plunged by 12% during the same period.
This decrease in trading volume highlights fear and lower participation from traders and investors.
Currently, the XRP community looks bullish.
Recently, a crypto enthusiast shared a post on X (formerly Twitter) featuring a video of Ripple CEO Brad Garlinghouse, where he said 99% of all cryptocurrencies will probably go to zero, except for XRP.
She also noted.
“Only assets with regulatory clarity will survive and XRP will become the first digital asset with full regulatory clarity in the U.S.!”
Apart from this, more similar posts are also being observed on X, highlighting users’ sentiment amid this recent market crash.
Per AMBCrypto’s analysis, XRP, at press time, was at a crucial support level of $0.48. Whereas, the technical indicator Relative Strength Index (RSI) was in an oversold area, signaling a potential price reversal.
Source: TradingView
If the market sentiment changes, there is a high chance that XRP could experience a price rally of over 30%.
On the other hand, if market sentiment remains the same and the XRP daily candle closes below $0.45, we may see a massive price decline in the coming days.
Upcoming liquidations
As of press time, XRP’s major liquidation levels were at $0.463 on the lower side and $0.532 on the upper side, according to an on-chain analytic firm Coinglass.
Source: Coinglass
Read Ripple’s [XRP] Price Prediction 2024-25
If the market experiences a price drop and XRP reaches the $0.463 level, nearly $18.61 million of long positions will be liquidated.
Conversely, if the XRP price soars to the $0.532 level, nearly $9.71 million short positions will be liquidated.