Crypto whales moved nearly 111 million XRP tokens worth $123.59 million from Binance.

  • XRP reserves on exchanges continue to decline, indicating that whales and institutions are withdrawing the token in large numbers.

  • If XRP closes above $1.15, it could surge 63% to $1.90 levels.

Ripple [XRP] has been receiving a lot of attention from whales and institutions after forming a bullish price action pattern.

Moreover, Bitcoin [BTC] has been driving the entire cryptocurrency market towards higher levels. As Bitcoin approaches the $100,000 mark, the market sentiment has shifted from consolidation to an uptrend.

XRP whales gain $124 million worth of tokens

Amid this bullish sentiment, on November 20, a cryptocurrency mogul moved nearly 111 million XRP tokens worth $123.59 million from Binance to an unknown wallet.

This massive withdrawal could be due to bullish market sentiment and XRP’s strong price action.

Additionally, XRP reserves on exchanges continue to decline, indicating that retailers, whales, and institutions are withdrawing tokens in large numbers.

This is a bullish signal as it reduces the likelihood of a fall in the price of the asset.

XRP Technical Analysis and Key Levels

Technical analysis from AMBCrypto shows that XRP has formed a bullish pennant price action pattern on the four-hour timeframe. It is about to break out.

If XRP breaks out of this pattern and closes above $1.15, it could surge by 63% to $1.90 in the coming days.

XRP’s relative strength index (RSI) and 200 exponential moving average (EMA) are showing bullish momentum. This highlights the possibility of gains in the coming days.

Open interest increases

However, on-chain indicators further support the altcoin’s bullish outlook.

According to on-chain analytics firm Coinglass, traders were actively engaged in trading activities, leading to a significant increase in open interest (OI).

XRP’s OI has increased by 4.5% in the past 24 hours and 2.78% in the past 4 hours. The growing interest in the altcoin indicates a bullish trend.

Key Liquidation Levels and Market Sentiment

Checking where traders are currently betting on XRP, data shows that key liquidation levels are $1.069 below and $1.135 above.

According to Coinglass, traders are overleveraged at these levels.

If the sentiment remains bullish and the price rises to $1.135, short positions worth nearly $15.76 million will be liquidated.

Conversely, if sentiment changes and the price drops to $1,069, long positions worth nearly $49 million will be liquidated.

This liquidation data shows that over the past 24 hours, longs holding long positions have dominated the asset compared to short sellers.

At press time, XRP is trading near $1.13, with prices up more than 3.2% in the past 24 hours.

During the same period, its trading volume grew by 25%, indicating increased participation from traders and investors driven by the bullish outlook.