As the legal battle between Ripple and the Security Exchange Commission (SEC) concludes after four years, whales’ focus has now shifted to Ripple’s native token XRP.
70 million XRP tokens withdrawn from exchanges
According to a blockchain transaction tracker Whale Alert, in the last 24 hours, whales have moved a significant over 113 million XRP tokens worth $70 million from centralized exchanges (CEXs) including Binance and Upbit.
Ripple’s victory might be the potential reason behind this massive token withdrawal and has caused a significant price surge in XRP.
XRP’s open interest
At press time, XRP is trading near $0.614 and has experienced a price surge of 23% in the last 24 hours. Meanwhile, its trading volume has skyrocketed by 310%, suggesting massive participation during the same period. Additionally, XRP’s open interest (OI) has soared by 51% signaling immense interest from traders and investors.
XRP price prediction and key levels
According to expert technical analysis, XRP looks bullish as it is moving above the 200 Exponential Moving Average (EMA) on both daily and 4-hour time frames. The price of assets above the 200 EMA, signals that assets are in an uptrend.
Additionally, XRP is at a crucial resistance level near $0.625 and has been consolidating in a tight range for the last 12 hours. If sentiment remains unchanged and XRP gives a breakout of this above resistance level, there is a high chance it could soar to the $0.75 level in the coming days.
XRP’s major liquidation levels
As of now, XRP’s major liquidation levels are at near $0.593 on the lower side and $0.643 on the upper side, according to CoinGlass. If the sentiment remains unchanged and the XRP price rises to the $0.643 level, nearly $32.30 million of short position will be liquidated. Conversely, if sentiment changes and XRP falls to the $0.593 level, nearly $17.72 million of long positions will be liquidated.
Here’s why the crypto market is increasing
However, the possibility of this breakout is very high, as the overall sentiment looks bullish. Following the opening of the U.S. stock market crypto market turned bullish. Top assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have experienced a price surge of over 6%, 4.5%, and 9%, respectively in the last 24 hours.
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