It appears that XRP whales are on a buying spree and possibly taking advantage of the recent market fall. On October 1, 2024, a prominent crypto expert made a post on X (Previously Twitter) that several XRP whales have begun accumulating tokens on a large scale.
In a post on X, he noted, “No wonder XRP whales went on a buying spree!,” and shared a picture showing that “Bitwise has registered delaware trust for XRP ETF.” However, the current whales acquisitions are still unknow, but the last week, XRP whales purchased a significant 470 million of tokens worth nearly $276 million.
At press time, due to the ongoing conflict between Iran and Israel, XRP has lost 4.1% of its value in the past 24 hours and is currently trading near $0.601. During the same period, its trading volume skyrocketed by 35%, indicating higher participation from traders and investors amid market decline.
According to expert technical analysis, XRP is in an uptrend as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator that is use to determine whether an asset is in an uptrend or downtrend.
At present, due to the bearish market sentiment, XRP has formed a bearish candlestick pattern near the $0.65 resistance level. There is a strong possibility it could decline by another 8% in the coming days.
In addition to the technical analysis, XRP’s on-chain metrics further support this bearish outlook. According to the on-chain analytics firm Coinglass, XRP’s Long/Short ratio currently stands at 0.98, indicating bearish market sentiment among traders. Additionally, its future open interest has dropped by 13% in the past 24 hours and has been steadily falling, indicating liquidation of traders’ positions.
When combining all these metrics and technical analysis, it appears that bears are dominating the asset and potentially causing a further price decline in the coming days.
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