In recent weeks, after a court decision, Ripple’s native token XRP surpassed the $0.60 level. Following this process, there were significant price fluctuations in the market, and XRP was also affected. Despite a recent rise, the market saw a decline today, but XRP whales made notable purchases of XRP tokens in the last 24 hours.
XRP Coin Comments
In a new post on X, it was noted that XRP whales purchased over 50 million tokens in the last 24 hours, increasing their XRP holdings by over $29.5 million at the current price. This situation showed that whales turned the price drop to their advantage.
On the other hand, the purchase by the whales coincided with an announcement by the Los Angeles-based film studio Fruition Production about an XRP documentary.
According to on-chain data provider Coinglass, investors and traders seem to be leaning towards long positions over short positions in the last seven days. As of the time of writing, the main liquidation levels for traders were $0.575 on the downside and $0.604 on the upside.
If the XRP price potentially drops to $0.575, it is seen that $18 million worth of long positions will be eliminated. Conversely, if a positive outlook re-emerges and the price returns to $0.604, approximately $13.3 million worth of short positions will be liquidated.
XRP Coin Price
Technical analyses showed that XRP continued to stay above the 200 Exponential Moving Average (EMA) on the daily timeframe, which can be interpreted as a bullish outlook. On the other hand, XRP also indicated a bullish potential due to the formation of an inverse head and shoulders price pattern in daily price reviews.
However, in the short term, a scenario where the XRP price drops to $0.558 could also emerge. In the long term, it can be said that XRP continues its upward trend. If the daily price candle closes above $0.645, XRP could rise to $0.90 in the coming days, driven by a price increase of over 40%.
As of the time of writing, XRP experienced a 1.29% increase in the last 24 hours, influenced by whale accumulation, and is trading at $0.5992. On the other hand, the trading volume increased by 18.48%, indicating investor interest in buying.
