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$XRP whales transferred a significant 23.5 million tokens worth $13.63 million to exchanges.
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$XRP’s open interest remains stable with no major changes observed, indicating that traders are waiting for a consolidation breakout.
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$XRP exchanges reserve has been continuously rising, which is a negative sign.
Ripple’s native token $XRP appears bearish and is poised for a price decline as whales have moved millions of tokens to centralized exchanges. $XRP has been in consolidation mode for nearly three weeks, during which whales transferred a significant 23.5 million tokens worth $13.63 million to exchanges, according to the on-chain analytics firm CryptoQuant.
$XRP’s Exchanges Reserve Soars
It appears that whales are losing interest in $XRP, which may create a negative impact on its price. According to CryptoQuant data, during the period of $XRP’s consolidation, the exchanges reserve has been continuously rising, which is a negative sign.
When crypto whales or institutions move their holding to exchanges, it is often considered a sign of a potential sell-off.
Current Price Momentum
At press time, $XRP is trading near $0.585 and has experienced a price decline of over 1% in the past 24 hours. During the same period, its trading volume has increased by 3%, indicating higher participation from traders amid ongoing consolidation.
$XRP Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, $XRP is in an uptrend as it trades above the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend.
Additionally, $XRP is in a consolidation zone between the $0.56 and $0.598 levels. A breakout from this zone on either side will provide a clearer picture of whether it will rally upside or crash.
When Will $XRP Rally?
Based on the historical price momentum, if $XRP breaks out of this zone and closes a daily candle above the $0.60 level, there is a strong possibility it could soar by 20% to reach the $0.72 level. On the other hand, if it breaks down the zone and closes a daily candle below the $0.545 level, a price crash of over 14% could occur.
Currently, $XRP’s open interest remains stable with no major changes observed in the last 24 hours, indicating that traders are waiting for a consolidation breakout.