Whale-watching platform WhaleAlert shared that whales have been transferring large amounts of XRP over the past few days. At press time, XRP remains in the green, despite the red color of the market. Crypto analyst Danielle du Toit expects further upside for the altcoin.
XRP whale movements attract attention
Crypto whales have moved large amounts of Ripple (XRP) over the past few days. According to posts by whale watching platform Whale Alert, a whale transferred 120,000,000 XRP from Bithumb to an unknown wallet. The transferred altcoin was worth approximately $61,149,038.
https://twitter.com/whale_alert/status/1705102626549813510
Just yesterday, Whale Alert data showed that another whale transferred 29,900.00 XRP from an unknown wallet to Bitstamp. In this case, the transferred tokens were worth approximately $15,264,627.
https://twitter.com/whale_alert/status/1704946057342259654
CoinMarketCap showed that XRP experienced a 0.97% decline in price during this time. However, the altcoin later stepped into the green zone. This led to XRP being traded at $0.5148 as of press time. This caused XRP to be positioned between its highest point of $0.5162 and its lowest point of $0.5056 in the last 24 hours.
Altcoin price prediction: Highers possible!
Meanwhile, XRP witnessed a decline in 24-hour trading volume. It achieved a trading volume of $838,101,913, a decline of 14% over the past day. Additionally, XRP has weakened by approximately 0.77% compared to market leader Bitcoin (BTC). In the previous week, the altcoin managed to record a modest price increase of just over 2%. However, in the past month the token has experienced a decline of 2.56%.
Daily chart for XRP. Source: TradingViewMeanwhile, from a technical perspective, the price of XRP has gradually increased over the past few days. This caused a positive trend line to form on the daily chart. If this positive momentum continues, it is possible that the altcoin price could soon climb above the next resistance level at $0.5605. Additionally, a daily candle close above $0.5605 can be identified as a buying opportunity. If investors buy XRP at this point, there is a possibility that the price will rise to $0.7385 in the next two weeks.
On the other hand, a break below the positive trend line would reverse the situation. In this case, XRP is likely to drop to the immediate support level at $0.4425. After that, if the selling volume continues, it is possible for the altcoin price to drop as low as $0.3480. Traders and investors will want to note that XRP price is holding above the positive trend line as well as the 9-day and 20-day EMA lines at press time. As a result, a daily candle close below these levels today confirms the bearish thesis. In contrast, if it closes today’s trading session above the 20-day EMA line, traders interpret it as a positive sign. In this scenario, XRP price is likely to start its rise towards $0.7385.
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