- A whale recently transferred 70 million XRP tokens from Binance to an unknown wallet within the last 24 hours.
- There are suggestions from experts that XRP might see a significant rally, similar to the one experienced in 2018.
Following a strong rally, the overall cryptocurrency market faced a 2.8% drop, with major assets like Bitcoin [BTC], Solana [SOL], and Binance Coin [BNB] witnessing price declines of 4%, 5.10%, and 3.5%, respectively.
This sudden market downturn has potentially set the stage for a bullish outlook for Ripple [XRP], the world’s seventh-largest cryptocurrency — here’s why.
Large XRP Token Transfer
On July 30th, Whale Alert reported multiple transactions where whales moved a total of 70 million XRP tokens valued at $42.48 million from Binance exchange to unknown wallets.
These transfers took place over the span of 24 hours through three separate transactions.
XRP Price Forecast
As per AMBCrypto’s analysis, XRP shows a bullish trend as it forms a symmetrical triangle pattern on a daily chart, usually indicating significant price movements.
If XRP’s daily closing price surpasses the $0.618 level, there is a high probability of reaching $0.73 and $0.85 levels in the near future.
Source: TradingView
Currently, XRP maintains its price above the 200 Exponential Moving Average (EMA) on a daily chart, a signal of bullish momentum.
Technical indicators like the Relative Strength Index (RSI) and Stochastic suggest that XRP is in a neutral zone, neither oversold nor overbought.
Could History Repeat Itself?
Tony Severino, an investor and founder of CoinChartist, pointed out that XRP’s monthly Bollinger Bands are at their tightest, a situation reminiscent of 2018 when XRP saw a 60,000% surge in price.
Currently, key liquidation levels are at $0.591 and $0.615, with a potential liquidation of $12.9 million in short positions if XRP breaches the $0.615 level.
Conversely, a drop below $0.591 could lead to liquidation of $6.10 million in long positions.
Source: CoinGlass
Read Ripple’s [XRP] Price Prediction 2024-25
Currently, XRP is trading near the $0.60 mark, with a 1.7% decrease in the past 24 hours.
Moreover, trading volume has seen a 9% increase, indicating heightened interest from investors and traders during this period.
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