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A significant crypto whale has recently transferred nearly 111 million XRP tokens worth approximately $123.59 million from Binance, signaling strong market interest.
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This substantial transfer coincides with a notable decline in XRP reserves on exchanges, indicating growing withdrawals by institutional players and whales.
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According to a source from CryptoQuant, this withdrawal reflects the bullish momentum surrounding XRP and the current market conditions.
This article discusses the recent significant XRP whale movement from Binance, revealing bullish sentiments and potential price increases.
XRP whale bags tokens worth $124M
Amid this bullish market sentiment, on November 20th, a substantial crypto whale transferred nearly 111 million XRP tokens valued at $123.59 million from Binance to an unidentified wallet. This notable withdrawal suggests robust investor confidence in XRP as market conditions become increasingly favorable.
This withdrawal is indicative of the ongoing decline in XRP reserves on exchanges, which points to significant pullbacks from both retail and institutional investors. Such a trend is traditionally seen as a precursor to positive price movements in the crypto market.
Given this context, the shrinking reserves amplify sentiment around XRP, reducing the probability of price drops and suggesting that longer-term holders may be preparing for upward price action.
Source: CryptoQuant
XRP’s technical analysis and key levels
COINOTAG’s technical analysis indicates that XRP has formed a bullish pennant price action pattern within the four-hour timeframe, positioning the cryptocurrency on the brink of a considerable breakout. If XRP successfully exceeds the $1.15 resistance, it may rally as much as 63% to reach the $1.90 level in the near future.
Source: TradingView
Indicators like the Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA) are currently signaling bullish momentum, reinforcing the prospect of an upward trend for XRP in the days ahead.
Rising Open Interest
The bullish sentiment is further supported by on-chain metrics. According to Coinglass, there has been a notable increase in XRP’s Open Interest (OI), signifying robust trading activity and growing market interest. In the last 24 hours, OI has increased by 4.5%, with a significant 2.78% increase within the past four hours.
Key liquidation levels and market sentiment
Current data reveals key liquidation levels for XRP at $1.069 on the lower end and $1.135 on the upper limits. This positioning indicates that traders are currently over-leveraged.
Source: Coinglass
If bullish sentiment persists and XRP rises to $1.135, about $15.76 million in short positions may face liquidation. Conversely, a shift towards bearish sentiment with a drop to $1.069 could liquidate roughly $49 million in long positions. This delineation highlights the dominance of long-position holders in recent trading activities.
At the time of writing, XRP traded near $1.13, reflecting a price increase of over 3.2% in the previous 24 hours. Concurrently, trading volume surged by 25%, underscoring a strong inclination for engagement among traders amid an optimistic market outlook.
Conclusion
The recent actions within the XRP ecosystem, including significant whale movements and diminishing exchange reserves, reflect a positive shift in market sentiment. If the bullish trend continues, we could see XRP’s price testing significant resistance levels in the approaching days. Investors should closely monitor key liquidation thresholds to gauge potential market reactions as dynamics evolve.
