Time To Sell XRP? Whale Dump $27.2 Million Worth of Tokens
Ripple’s native token, XRP, has received a lot of attention from cryptocurrency enthusiasts due to its impressive upward momentum over the past few days. On November 24, 2024, whale trading tracker Whale Alert posted on X (formerly Twitter), signaling to every investor and trader that this rally may be nearing its end.
XRP whale transfers 20 million coins to Upbit
A post on However, this massive sell-off comes at a time when the entire cryptocurrency market is in a correction phase and XRP itself is struggling.
XRP’s daily chart looks bearish after plunging on the centralized exchange (CEX), suggesting its price could face a significant correction.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP appears to be forming a bearish Evening Star candlestick pattern near the $1.40 breakout level. Based on recent price action, if the altcoin manages to form this candlestick pattern and close the daily candle below $1.30, it could drop 20% to $1.05 in the coming days.
However, XRP has experienced a parabolic move, and in order to sustain this momentum in the coming days, the asset may need to undergo a correction or a period of price consolidation.
Currently, the altcoin is trading above the 200 exponential moving average (EMA) on the daily time frame, indicating an uptrend. However, its relative strength index (RSI) suggests that further upside is limited, as its value has been above 80 since November 11, 2024, indicating that the asset is in overbought territory.
Trader Sentiment: Bullish or Bearish
Beyond whale activity, readers may wonder what traders are currently doing. Data from on-chain analytics firm Coinglass shows traders are overleveraged, with key levels at $1.325 at the lower level and $1.379 at the higher level.
Coinglass’ exchange liquidation chart further shows that traders held long positions worth $10.76 million at lower levels, while short positions worth $12.41 million were concentrated at higher levels.
This clearing data points to relatively high volumes from sell-side traders, which could lead to lower prices in the coming days.
Current Price Momentum
At press time, XRP was trading close to $1.38, with the price down 7.10% in the past 24 hours. During the same period, its trading volume fell by 30%, indicating that trader and investor participation was lower than the previous day.
