Cryptocurrency whales have transferred nearly 111 million XRP tokens worth $123.59 million from Binance.
- The exchange's XRP reserves have been continuously declining, indicating that whales and institutions are massively withdrawing the tokens.
- If the closing price of XRP is above $1.15, it may surge 63% to reach the $1.90 level.
After forming a bullish price action pattern, Ripple [XRP] has been widely followed by whales and institutions.
Additionally, Bitcoin [BTC] has been driving the entire cryptocurrency market to higher levels. As Bitcoin approaches the $100,000 mark, market sentiment has shifted from consolidation to an uptrend.
XRP Whales Acquire $124 Million Worth of Tokens
In this bullish sentiment, on November 20, a cryptocurrency heavyweight transferred nearly 111 million XRP tokens worth $123.59 million from Binance to an unknown wallet.
This large-scale withdrawal may be due to the bullish market sentiment and the strong price performance of XRP.
Furthermore, the exchange's XRP reserves have been continuously declining, indicating that retailers, whales, and institutions are massively withdrawing the tokens.
This is a bullish signal as it reduces the likelihood of a drop in the asset's price.
XRP's Technical Analysis and Key Levels
Technical analysis by 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 may surge 63% in the coming days to reach $1.90.
XRP's Relative Strength Index (RSI) and 200 Exponential Moving Average (EMA) are showing bullish momentum. This highlights the potential for an upward move in the coming days.
Increase in Open Interest
However, on-chain indicators further support the bullish outlook for the Altcoin.
According to on-chain analytics firm Coinglass, traders are actively participating in trading activity, leading to a significant increase in Open Interest (OI).
Over the past 24 hours, XRP's OI has increased by 4.5%, and in the past 4 hours, it has increased by 2.78%. The growing interest in the Altcoin suggests a bullish trend.
Key Liquidation Levels and Market Sentiment
Examining traders' current betting positions on XRP, the data shows key liquidation levels at $1.069 on the downside and $1.135 on the upside.
According to Coinglass, traders are highly leveraged at these levels.
If the market sentiment remains bullish and the price rises to $1.135, short positions worth nearly $15.76 million will be liquidated.
Conversely, if the sentiment changes and the price falls to $1.069, long positions worth nearly $49 million will be liquidated.
This liquidation data indicates that in the past 24 hours, long holders have dominated the asset, compared to short sellers.
At the time of writing, XRP is trading around $1.13, with a price increase of over 3.2% in the past 24 hours.
During the same period, its trading volume has grown by 25%, indicating increased participation by traders and investors driven by the bullish outlook.
