The 100 million XRP whale transfer has raised questions as traders monitor a key support level near $0.50. XRP derivatives showed a decline in activity, but the liquidations suggested bearish traders were caught off guard.
A massive transfer of 100 million XRP between two unknown wallets associated with Ripple has fueled speculation within the crypto community. The deal was worth $53 million at the time of the transfer, raising questions about potential market activity.
The transfer occurred between wallets “rP4X2hTa7A” and “rhWt2bhRq3,” both of which were involved in large amounts of transactions.
Source:X
The continued scrutiny of these wallets is partially due to the history of large-scale transfers often associated with Ripple. Recent developments have many wondering if more large trades will follow and potentially impact the price trajectory of XRP.
Blockchain data showed that both wallets involved in recent transactions had active history. The sending wallet “rP4X2hTa7A” is closely associated with Ripple and has received large amounts of XRP in the past.
On September 23, the wallet received 200 million XRP directly from Ripple and has since dispersed the funds to various unconfirmed wallets.
XRP price trends and technical analysis
At the time of writing, XRP price is $0.5281, reflecting an increase of 0.17% over the past 24 hours. The total circulating supply will be 57 billion XRP, and the virtual currency market capitalization will be $29.9 billion.
According to technical indicators, XRP is hovering around $0.53 below the central Bollinger Band, indicating a bearish trend.
The price is approaching an important support level around $0.50, and a pullback from this level could signal a possible reversal.
On the downside, a break below $0.50 could see the price test $0.48.
Source: TradingView
Meanwhile, the Awesome Oscillator (AO) is showing negative momentum, but the narrowing bar suggests that selling pressure may be easing. Traders are advised to monitor the possibility of a bullish crossover in the coming days, which could indicate a change in sentiment.
Aroon indicator and resistance levels
The Aroon indicator reflects a neutral to bearish outlook. The Arun decline is 57.14%, indicating moderate downside pressure, while the Aroon Rise is 28.57%, indicating weak upward momentum.
This suggests that prices may remain under pressure in the short term unless market dynamics change.
The resistance level for XRP was around $0.55. A break above this level could lead to a rally towards $0.60, but failure to do so could lead to further consolidation or decline.
XRP derivatives data and market activity
According to data from Coinglass, XRP derivatives data reveals a notable drop in trading activity.
Volume decreased by 26.72% to $738.79 million, and open interest (OI) decreased by 0.53% to $685.37 million.
While this cooling in market activity suggests a cautious approach from traders, options open interest increased by 2.73%, indicating that some traders are still bracing for a potential move.
Source: Coin Glass
Read Ripple (XRP) Price Prediction 2024-25
Liquidation data reveals that short positions suffered the most at $399,16,000 in the past 24 hours compared to $299,59,000 for long liquidations.
This indicates that recent price movements caught bearish traders off guard.
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