XRP Leads, should investors wait longer for higher or sell it for the whales?
XRP's 24-hour performance in the crypto market should lighten the mood of investors. According to CoinMarketCap, XRP has gained 10.11% in the past 24 hours. At press time, XRP is trading at $0.3785, while bullish against Bitcoin [BTC] and Ethereum [ETH].
Interestingly, XRP is the best performing cryptocurrency among the top 30 coins by market value. This coin is the only one with double-digit gains. However, investors may be wondering what and what led to this unprecedented rally. Fortunately, the answer may not be so far-fetched.
Sell it for whales
Judging the scheme of things, it is noted that XRP whales have been extremely active.
According to whale tracking platform WhaleStats, over $220 million in XRP has been moved between crypto whales in the past 24 hours, with Ripple itself involved.
Blockchain analytics platform Santiment also agrees with whale data. Plus, Santiment has additional features to reveal. According to the information at the time of writing, XRP network activity has also improved significantly despite the crash occurring on September 15th. A close inspection shows that it went from 1002 on the date mentioned at the time of writing. on the citadel of 1334.
As for its 24-hour trading volume, not much is positive as it is down 12.26%. Considering the chart appearances, it seems to tell a different story.
What happens next for XRP?
Based on the 4-hour chart, the Balanced Volume (OBV) does not match the signals shown by Traded Volume. OBV revealed that XRP has a larger volume at 4.83 billion. And with the price rising, XRP could rise further due to buying pressure.
On the other hand, Chaikin Money Flow (CMF) disappointed investors buying at -0.03. Looking at the Directional Movement Index (DMI), XRP buyers (blue) have a solid advantage over sellers (red). Furthermore, the yellow average directional index (ADX) supported XRP's further rise.
When assessing the moving average convergence divergence (MACD), the buyers are struggling with selling pressure. However, it can be seen that the buyers have a slight advantage when the greens are still above the zero point of the chart.
Sep 21, 2022