- XRP could see a 30% surge if it holds above the $0.48 level.
- The main liquidation levels for XRP were $0.463 on the downside and $0.532 on the upside.
The overall market is recovering after a massive crash in the cryptocurrency sector. This potential recovery is due to the interest of whales and investors, who are buying the dip.
According to blockchain transaction tracker Whale Alert, whales and investors have transferred a significant 157 million XRP tokens worth $75.05 million from centralized exchanges (CEXs) in the past 24 hours.
In this case, the massive token transfers were made via Binance (BNB).
In contrast, a single transaction in which whales and institutions moved 34.2 million XRP tokens worth $16.9 million was conducted via cryptocurrency exchange Bitvavo. However, the wallet address was not identified.
XRP Price-Performance Analysis
At press time, XRP is trading near $0.50 and has seen a price increase of over 8% in the last 24 hours. In addition to this impressive price increase, its trading volume has dropped by 12% in the same period.
This drop in trading volume highlights the fear and reduced participation of traders and investors.
Currently, the XRP community seems optimistic.
Recently, a cryptocurrency enthusiast shared a post on X (formerly Twitter) featuring a video of Ripple CEO Brad Garlinghouse in which he stated that 99% of all cryptocurrencies will likely go to zero, except for XRP.
She also noted.
“Only assets with regulatory clarity will survive and XRP will become the first digital asset with full regulatory clarity in the United States!”
Apart from this, other similar posts are also seen on X, highlighting the sentiment of users amidst this recent market crash.
According to AMBCrypto’s analysis, XRP, at press time, was at a crucial support level of $0.48. On the other hand, the technical indicator Relative Strength Index (RSI) was in an oversold zone, signaling a potential price reversal.
Source: TradingView
If market sentiment changes, there is a good chance that XRP will see a price increase of more than 30%.
On the other hand, if the market sentiment remains the same and the XRP daily candle closes below $0.45, we could see a massive price decline in the coming days.
Upcoming Liquidations
At press time, XRP’s main liquidation levels were at $0.463 on the lower side and $0.532 on the higher side, according to on-chain analytics firm Coinglass.
Source: Coinglass
Read Ripple (XRP) Price Prediction for 2024-25
If the market experiences a price drop and XRP reaches the $0.463 level, nearly $18.61 million of long positions will be liquidated.
Conversely, if the price of XRP rises to the $0.532 level, nearly $9.71 million worth of short positions will be liquidated.
