A purchase of 130 million XRP tokens on Binance within an hour caused significant price fluctuations in the market. This transaction pushed the price of XRP to a 24-hour high of $2.5872, but it soon dropped to $2.4498. This accumulation occurred for the second time within a few hours, raising speculation among analysts and traders about the intent behind these moves.
The volatility of XRP is accompanied by an increase in trading volume, reaching 614.47 million XRP during this period. Binance data also reported a 24-hour low for XRP at $2.3333, reflecting a swift pullback following whale activity. While the purchase triggered upward momentum, selling pressure soon pushed the price lower, creating an uncertain outlook for the asset.
Market metrics reveal key levels.
The technical indicators for XRP highlight the rapid price volatility. The 7-day moving average (MA) shows a level of $2.478, indicating a short-term increase, while the 99-day MA at $2.4137 provides a crucial support zone during price declines.
Additionally, the Relative Strength Index (RSI) stands at 40.78, signaling that XRP has approached oversold conditions after the pullback. This volatility also corresponds with a volume peak of 33.503 million XRP, indicating strong market participation during the whale buying process.
These price levels remain important as analysts assess whether XRP can maintain support or face further downward pressure. Traders are closely watching for signs of stabilization or the potential to test resistance at $2.5872.
Analyst emphasizes the sudden activity of whales.
Famous cryptocurrency analyst Vincent Van Code has marked this unusual whale transaction on social media.
The post garnered attention, reaching 222.2 thousand views and sparking discussions among traders. One user suggested that the whale purchase could be related to the upcoming RLUSD launch, which has created increasing market anticipation.
Traders are monitoring the support and resistance levels of XRP.
The price of XRP currently hovers around $2.41, aligning with the 99-day moving average, making it a crucial support level. Traders are monitoring whether this token can hold this position or face further declines. The resistance at $2.5872 remains a barrier to any upward movement.
Whale activity has put XRP in the spotlight, with investors closely monitoring the potential volatility in the coming days. As analysts continue to track trading patterns, the market remains focused on XRP's next move.
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