Cryptographic whales seem to return to the market in order to accumulate as much as possible as the market is falling free. Recently, the Corner Chain Analysis Society revealed that long -term whales and holders have shown strong interest and confidence in XrpNative token of Ripple Labs.
$ 155 million for an XRP outing
Data revealed that the exchanges experienced a significant release of $ 155 million in XRP tokens. This substantial outing is a clear sign of accumulation and suggests a potential purchasing opportunity.
This potential accumulation was observed by a chain analysis company, as Altcoin has experienced a price drop of more than 16% in the last 24 hours. With this significant drop, XRP is currently negotiated near the level of $ 2.50 and has attracted impressive participation from merchants and investors, which resulted in a 210% increase in its commercial volume.
XRP short-circuited merchants
However, intrajournage traders seem to take advantage of the current feeling of the market because they short-circuited the XRP tokens.
At the time of the press, the merchants are considerably over-deposed at the $ 2.50, where the bulls hold $ 14 million in long positions, thinking that XRP will not fall below this level. Meanwhile, open sellers are over-discussed at $ 2.85, holding $ 111 million in exposed positions.
These data indicate that the open sellers currently dominate the assets and could easily liquidate $ 14 million in long positions.
XRP and future technical analysis
According to an expert technical analysis, XRP has violated its crucial level of support and seems likely to continue its drop in prices.
Based on the action of recent prices and historic momentum, if XRP does not hold the level of $ 2.55, there is a high possibility that it can drop by 25% to reach the level of 1 , $ 90 in the coming days.