XRP Price Analysis: Whale Alert Reports Massive 29.7 Million XRP Transfer From Binance

On 6th July, a blockchain-based transaction tracker Whale Alert made a post on X stating that a whale transferred a massive 29.7 million XRP tokens

A blockchain-based transaction tracker, Whale Alert, took to X on 6th July to announce the transfer of a massive 29.7 million XRP tokens, valued at $12.7 million, from Binance, the world’s largest cryptocurrency exchange.

This noteworthy XRP transfer may be indicative of accumulation by whales, following a 15% drop in XRP’s value on 5th July.

But what’s driving XRP’s price increase?

After a period of significant selling pressure across the cryptocurrency sector, the market appears to be recovering, with top crypto assets like Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] experiencing a collective price surge.

This potential market recovery is being attributed to a substantial $143 million inflow into Bitcoin ETFs (Exchange Traded Funds) and interest from whales.

XRP technical analysis and key levels

A technical analysis by an expert reveals a bearish outlook for XRP, with a breakdown from a key support level at $0.47.

In addition to this breakdown, the Ripple token is also trading below a 200 Exponential Moving Average (EMA) on a daily time frame, further indicating bearishness.

However, a technical indicator, the Relative Strength Index (RSI), shows XRP entering an oversold zone. This RSI oversold zone may indicate a potential recovery.

An analysis of the chart and indicators suggests that if the token manages to close above $0.435 on a daily time frame, we could see an upward movement to the $0.46 level for a short period.

On the other hand, data from CoinGlass, an on-chain analytic firm, reveals a greater pessimism among traders, with a higher short position compared to long positions over a 7-day time frame.

Furthermore, traders are anticipating that XRP will not reach the $0.46 level, as indicated by $14.85 million in short positions at that price point. If it does reach the $0.46 level, those short positions will be liquidated.

At press time, XRP is trading around $0.433 and has seen a price surge of over 8% in the last 24 hours, according to CoinMarketCap.

Read Ripple’s [XRP] Price Prediction 2024-25

Meanwhile, interest from investors and traders appears to be waning, with a 54% decrease in 24-hour trading volume.

Over a longer time frame, XRP has lost over 9% of its value in the last seven days. In the last 30 days, the token has experienced a price drop of over 18%.

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