In the ongoing selling pressure across the cryptocurrency market, top assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP (XRP) have experienced massive price declines. Amid this downturn, Ripple whales saw this as a perfect buying opportunity and added millions of tokens at lower prices.
XRP Whale Buys Over 50 Million Tokens
On August 27, 2024, a prominent crypto analyst shared a post on X (previously Twitter) that XRP whales have accumulated over 50 million tokens in the last 24 hours. With this massive accumulation, they have increased their holding by approximately $29.5 million.
Surge in XRP Open Interest
With this massive accumulation, XRP’s open interest has risen by 2.2% in the last four hours, according to the on-chain analytic firm CoinGlass. This increase in open interest suggests growing interest from investors amid the recent price decline.
XRP Price Prediction
Expert technical analysis hints bullish outlook for XRP as it is forming a bullish inverted head and shoulder price action pattern. Looking at the XRP’s daily chart, the $0.633 level is crucial as it serves as the neckline of this bullish pattern.
If XRP breaks out above this level and closes a daily candle above $0.633 there is a high possibility of a significant upside rally toward the $0.75 level.
Key Liquidation Zones
As of now, the major liquidation levels are near $0.581 on the lower side and $0.604 on the upper side, as traders are heavily leveraged at these levels, according to Coinglass data.
If overall market sentiment shifts and XRP rises to the $0.604 level, nearly $14.52 million worth of short positions will be liquidated. Conversely, if the sentiment remains bearish and the price falls to the $0.581 level, approximately $4.86 million worth of long positions will be liquidated. The higher concentration of short positions indicates a bearish sentiment for XRP.
Current Market Conditions
As of now, XRP is trading near $0.595 and has experienced a decent price surge of 0.7% in the last 24 hours. Meanwhile, its trading volume has increased by 17% during the same period, indicating increasing participation from traders amid the recent price drop.
