- Whale Alerts shared that XRP worth more than $18 million was deposited onto the Bithumb exchange earlier today.
- At press time, XRP’s price was still in the green after it increased by 1.57% in the past 24 hours.
- XRP’s price was able to break above a symmetrical triangle pattern that had formed on its daily chart.
The whale tracking platform, Whale Alerts revealed in an X post that a huge amount of XRP was deposited to an exchange earlier today. According to the post, a whale transferred 36,370,840 XRP from an unknown wallet to Bithumb. The transferred XRP was worth approximately $18,775,470.
So far, it does not seem like the whale has made any moves to rid himself of his XRP holdings as the remittance token’s price was still in the green at press time. Data from CoinMarketCap indicated that XRP’s price was able to climb by 1.57% in the past 24 hours, which left it trading hands at $0.5164.
This meant that XRP was trading a bit closer to its 24 hour low price of $0.5072 when compared to its peak price established during this time, which was $0.5455. Notably, XRP experienced a remarkable surge in its 24 hour trading volume, bringing the total volume to $1,672,194,735.
Furthermore, it is important to highlight that XRP’s performance over the last day pushed its weekly performance into positive territory, with a gain of 0.70%. However, when looking at the monthly performance, the remittance token’s price was still down 1.80%.
XRP’s price was able to break above a symmetrical triangle pattern that had formed on its daily chart over the past couple of weeks. Furthermore, it continued to trade above this chart pattern at press time. Subsequently, the remittance token’s price may attempt to flip the $0.5515 resistance level into support in the coming few days.
Thereafter, continued buy pressure could boost the altcoin’s price to as high as the next barrier, which is situated at $0.6686. This bullish thesis will be invalidated if XRP retraces back within the breakout pattern that had formed on its daily chart. Consequently, the cryptocurrency may be at risk of breaking out towards the downside.
In this bearish scenario, XRP may retest the $0.4783 support level. If sellers continue to exert pressure on the remittance token’s price, then it may drop below this key level to as low as the subsequent mark at $0.4120 in the following 2 weeks.
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