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After forming a bullish price behavior pattern, Ripple [XRP] has been widely followed by whales and institutions.
In addition, 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 upward trend.
XRP Whales Acquire $124 Million in 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.
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This large-scale withdrawal may be due to the bullish market sentiment and the strong price trend of XRP.
In addition, the XRP reserves of the exchanges have been continuously decreasing, indicating that retailers, whales, and institutions are withdrawing tokens in large quantities.
This is a bullish signal as it reduces the likelihood of a drop in asset prices.
Technical Analysis and Key Levels of XRP
Technical analysis by AMBCrypto shows that XRP has formed a bullish pennant price pattern in 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 63% to $1.90 in the coming days.
XRP's Relative Strength Index (RSI) and 200-day Exponential Moving Average (EMA) show 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).
In 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 this 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' leverage is too high 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, the XRP trading price is close to $1.13, up over 3.2% in the past 24 hours.
During the same period, its trading volume has increased by 25%, indicating increased participation by traders and investors driven by the bullish outlook.
