It appears that XRP whales are frustrated due to the current bearish market sentiment. Today on September 19, 2024, the blockchain transaction tracker Whale Alert made a post on X (Previously Twitter) that an XRP whale has dumped a significant 18.03 million tokens, worth $10.39 million to the Bitstamp cryptocurrency exchange. However, the wallet address remains unknown.
This significant XRP dump during the bearish phase has the potential to create selling pressure. At press time, XRP is trading near $0.578 and has experienced a price decline of over 1.8% in the last 24 hours. During the same period, its trading volume increased by 15%, indicating higher participation from traders and investors amid the market downturn.
For the past six days, the XRP price has remained in consolidation between $0.56 and $0.59. According to expert technical analysis, despite the massive dump and ongoing consolidation, XRP is still in an uptrend as it is trading above the 200 Exponential Moving Average (EMA). The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend.
Based on the price momentum, it appears that XRP may experience an upside rally once it breaks out of the consolidation zone. If XRP closes a daily candle above the $0.60 level, there is a strong possibility it could soar by 20% to the $0.75 level in the coming days.
However, during this potential upside rally, XRP may encounter resistance near the $0.65 level, where it faces notable selling pressure. This bullish outlook will only remain valid if XRP closes a daily candle above the $0.60 level, otherwise, it may fail.
Currently, XRP’s on-chain metrics are signaling a bearish trend. Coinglass’s XRP long/short ratio currently stands at 0.96 level, indicating bearish market sentiment among traders. Additionally, its future open interest has declined by 5.5% in the last 24 hours.
According to data, 50.85% of top traders hold short positions, while 49.16% hold long positions, suggesting that bears are dominating the asset.
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