Key Insights:
- Whale Alert detected 390M XRP transfers, sparking market speculation on potential price movements.
- Analyst Dark Defender predicts XRP rally to $8, citing Fibonacci levels and bullish technicals.
- XRP trading volume surged 4.19%, with Binance leading derivatives market bullish sentiment.
Ripple (XRP) price has been a hot topic lately, especially with recent whale activity and market prediction. In the last 24 hours, Whale Alert detected two significant XRP transactions totaling 390 million XRP.
The first transfer involved 300 million XRP, valued at approximately $778 Million, from Ripple to an unknown wallet. Another 90 million XRP, worth around $229 Million, was moved between unknown wallets.
These large transfers have sparked discussions within the crypto community, with many speculating about potential market movements.
Such high-volume transactions often draw attention, as whale activity can influence market sentiment and liquidity. Market participants closely monitor these movements, especially with predictions of a price rally in the near future.
Analyst Predicts XRP Price Rally to $8
A crypto analyst, Dark Defender, believes the XRP price could increase to $8. According to the analyst, XRP has maintained an unvarying price pattern for eighteen months.
Dark Defender used Fibonacci levels to analyze key price points, which showed $5.85 and $8.76 as bullish indicators. Per the analysis, future advancements should be a priority instead of focusing on fear, uncertainty, and doubt (FUD).
Concurrently, EGRAG CRYPTO provided an updated short-term analysis of XRP’s price action. Per analysis, XRP remained above the blue ascending channel, indicating strength and momentum.
The daily Stochastic Relative Strength Index (SRSI) was approaching a critical level. This suggested a possible bullish shift.
Additional indicators such as the Wave Trend Indicator and On-Balance-Volume (OBV) also support a positive outlook. The Wave Trend Indicator had shown a bullish cross while OBV was rising, signaling increased buying pressure.
XRP Price Market Performance and Key Levels
At press time, XRP price was trading at $2.57, reflecting a 4.06% increase in the past 24 hours. The trading volume stands at $5.56 Billion, with a market cap of $148.6 Billion. XRP has a circulating supply of 57.8 billion coins, with a maximum supply of 100 billion.
XRP derivatives market maintains strong trading activity due to volume expansion of 4.19% to $6.68 Billion and a 4.51% rise in open interest to $3.80 Billion. The options trading market exploded with such high volumes that they increased by 931.82%, showing extensive market engagement.
Binance holds a lead position in derivatives trading through its long/short ratio surpassing 2.0. That indicated positive market sentiment. At the same time, OKX maintained a ratio of 1.48.
The daily XRP price chart demonstrated minor bearish market activity. The Relative Strength Index maintained a neutral position, reading at 46.33. On the other hand, it started to move toward the oversold region.
Bullish indicator readings from the Moving Average Convergence Divergence (MACD) suggested a sizeable bearish sentiment for XRP. It was accompanied by the possible indicators for a trend shift.
Mercantile agents are watching the critical resistance barrier for the XRP Price of $2.60. A bullish market movement could begin if it is exceeded. However, a failed breach may cause price stagnation.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.