The cryptocurrency market has experienced a notable upside rally in the past few days. Amid this rally, Ripple’s native token XRP remained consolidating.
On October 21, 2024, the blockchain-based transactions tracker Whale Alert made a post on X (Previously Twitter) that a crypto whale withdrew a significant 52 million of XRP tokens worth $28.67 million, from the ByBit cryptocurrency exchange.
This massive token withdrawal following the breakout has shifted the sentiment from a downtrend to an uptrend.
According to the expert technical analysis, XRP appears bullish as it has recently broken out from a prolonged consolidation phase. Despite this major breakout, it isn’t confirmed whether this rally will continue or not.
Based on the recent price action and historical price momentum, if XRP closes its daily candle above the $0.578 level, there is a strong possibility the token could rally by 20% to reach the $0.67 level in the coming days.
However, XRP’s bullish thesis will only hold if it closes its daily candle above the $0.578 level, otherwise, it may fail.
XRP’s bullish outlook is further supported by on-chain metrics. According to the on-chain analytics firm CoinGlass, XRP’s long/short ratio currently stands at 0.99, indicating a weak strength among traders. Whereas, its open interest has jumped by 3.9% and has been steadily rising. This rising open interest suggests buildups of new positions by traders.
As of now, the major liquidation levels are at $0.537 on the lower side and $0.561 on the upper side, with traders over-leveraged at these levels, according to the Coinglass.
As of now, XRP is trading near $0.544 and has experienced a price surge of over 2.5% in the past 24 hours. During the same period, its trading volume jumped by 117%, indicating heightened participation from investors and traders compared to the previous day, which is a positive sign for the XRP holders.
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