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In recent weeks, the XRP price has visibly increased. Following this, Bitcoin (BTC), Solana (SOL), and Binance Coin (BNB) experienced price drops of 4%, 5.10%, and 3.5%, respectively, significantly impacting the overall cryptocurrency market value, which fell by 2.8%. Despite the market downturn, the rise in Ripple (XRP), the seventh-largest cryptocurrency by volume, has pleased its investors.
Whales Take Action
Whale Alert, which tracks whale movements on the blockchain, revealed important data on X (formerly known as Twitter) on July 30. According to Whale Alert, notable transactions occurred in XRP.
The report indicated that multiple whales transferred 70 million XRP tokens worth $42.48 million from the Binance exchange, raising questions in the cryptocurrency market. These token transfers occurred in three different transactions within the last 24 hours.
What Will XRP’s Price Be?
According to analyses, XRP showed signs of an upward trend due to the formation of a symmetrical triangle on the daily charts at the time of writing. This pattern generally appears before significant price changes.
Considering historical price movements, if the daily candle closes above the $0.618 level, XRP could reach $0.73 and $0.85 in the coming days.
At the time of writing, XRP’s price remained above the 200 Exponential Moving Average (EMA) on the daily timeframe. In higher time frame analyses, any asset above the 200 EMA is known to indicate an upward trend.
XRP Comments
An important statement was made by investor and CoinChartist founder Tony Severino. Severino shared an X post stating that XRP’s monthly Bollinger Bands are “the narrowest bands ever.” He noted that this last occurred in 2018, when XRP’s price surged by 60,000%.
According to data provided by on-chain analysis firm CoinGlass, XRP’s primary liquidation levels are seen at $0.591 and $0.615 as of today.
After XRP’s price surpassed the $0.61 level, approximately $12.9 million in short positions were liquidated. From this point, if liquidations reverse the trend and the price falls below $0.591, $6.10 million in long positions could be liquidated.
