TL;DR
- XRP whales bought over 470 million tokens in the last 10 days.
- The price of crypto has fallen by 4.1% due to the conflict between Iran and Israel.
- Despite the bearish sentiment, Ripple remains in an uptrend according to technical analysis.
XRP whales have taken advantage of the recent market crash to accumulate a large amount of tokens.
According to information shared by a renowned analyst, @ali_charts, more than 470 million XRP tokens have been acquired by whales in the last 10 days, worth approximately $276 million.
No wonder $XRP whales went on a buying spree! 👀👀👀 https://t.co/azyaRwb32c pic.twitter.com/kr3D96R4tz
— Ali (@ali_charts) October 1, 2024
This wave of massive buying could be influenced by the news that Bitwise has registered a trust in Delaware for a potential Ripple XRP ETF, which has sparked speculation about growing institutional interest.
However, the cryptocurrency market is facing an overall bearish scenario.
XRP has lost 4.1% of its value in the past 24 hours, partly as a result of rising tensions between Iran and Israel.
Despite this drop, trading volume has increased by 35%, indicating greater investor participation in a context of uncertainty.
Technical analysis shows that XRP remains in a long-term uptrend as its price remains above the 200-day exponential moving average (EMA), a positive sign for many analysts.
However, in the short term, indicators suggest that the asset could face further downward pressure.
A bearish candlestick pattern has formed near the resistance level of $0.65, which could anticipate a further 8% drop in the coming days.
Bearish indicators on the XRP chain
In addition to technical analysis, on-chain data reinforces this bearish sentiment.
The Long/Short ratio of the crypto is currently 0.98, which indicates that a majority of traders are taking bearish positions.
Additionally, open interest in XRP futures has decreased by 13% over the past 24 hours, reflecting an increase in position liquidation and a withdrawal of investors from the market.
With all these factors combined, it is evident that the XRP market is dominated by short-term bearish positions.
While whales continue to accumulate tokens, which could suggest a bullish long-term view, current indicators show that XRP could face more challenges in the coming days before stabilizing or seeing a recovery.
Whale behavior will be key to future market movements.
