The altcoin market is breathing a sigh of relief as Bitcoin is about to hit $20,000 again. Meanwhile, a few altcoins such as DOGE and MATIC have had the opportunity to recover from last week. The prominent whale trades of the day reveal another picture.
Altcoin whales move to this coin as the price rises
Altcoin whales continue to carry massive amounts of XRP. Due to the positive course of the SEC case, whales have rallied around XRP again. In the past 24 hours, major XRP has flowed from whale wallets to exchanges. On-chain data provider Whale Alert detected tens of millions of XRP transfers in 3 different processes today.
According to Whale Alert information, a total of 70.33 million XRP transfers have taken place in the middle of anonymous wallets with Bitstamp in the last 24 hours. At its current price of $0.52, the funds are valued at approximately $36.57 million.
Whale Alert tracked the movement of 25 million XRP from an anonymous wallet to Bitstamp, one of Ripple’s official ODL partners. The fund was valued at approximately $12.88 million during the process.
In a similar development, 20 million XRP was transferred from an anonymous wallet to Bitstamp. This process carried XRP for roughly $10.33 million.
A few minutes later, a total of 25.33 million XRP, worth $13.13 million, was sent from an address on the Bitstamp exchange to an anonymous wallet. It was worth $13 million at the time.
XRP price gains momentum amid bear market
More than 5% price action compared to last week comes in the middle of a bear market. Koindeks.com XRP has been showing bullish signals ever since Ripple publicly presented its summary judgment motion in a lawsuit against the SEC. XRP is currently trading at $0.5218, up 5% in the last 24 hours.
On the technical side, XRP price finally broke above the $0.38 baseline after breaking the shackles of the extended low volatility phase. The late September updates on the case are proving to be a catalyst for the solid bull run over the past few days. After returning from the $0.51 level, the altcoin has drawn a bullish pattern on its daily chart. According to analysts, the 200 EMA (green) could revive the recovery trends in the coming sessions.
In the middle, the XRP Futures Open Interest analysis revealed a total drop of 8.78% over the past 24 hours. Accordingly, price action has dropped by about 2% during this time.
Generally, a drop in both price and Open State indicates liquidation by discouraged traders holding long positions.
Additionally, the long/short ratio for XRP on all exchanges in the last 24 hours revealed a slight advantage for shorts. As a result, XRP’s jump above the 20/50/200 EMA highlighted the increased buying pressure. On the other hand, the decreasing Open Case and long/short ratio revealed the underlying bearish trend in the Futures market. In both cases, the intentions and triggers will remain the same as discussed. Finally, investors need to watch Bitcoin’s movement closely to make a profitable attack. Furthermore, their impact on the wider market should be considered.