Is XRP Bullish Now Whales Transfer 30 Million Tokens Price Eyes 05

CoinDesk reported:
A whale transferred 29.7 million XRP tokens worth $12.7 million to an unknown wallet. Based on technical and price trend analysis, XRP appears to be bullish in the short term, potentially reaching the $0.46 level.
On July 6th, blockchain-based transaction tracking company Whale Alert posted on X that a whale transferred 29.7 million XRP tokens worth $12.7 million from the world’s largest cryptocurrency exchange, Binance.
This significant XRP transfer may indicate that the whale accumulated XRP when it dropped by more than 15% on July 5th.
Why is the price of XRP rising?
Following significant selling pressure in the cryptocurrency industry, the market is now expected to recover as top crypto assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experience substantial price increases.
The potential market recovery may be attributed to the influx of $143 million into Bitcoin ETFs and whale interest.
XRP technical analysis and key levels
According to expert technical analysis, XRP appears bearish as it has a major support level at $0.47. Additionally, the Ripple token is also below the 200 Exponential Moving Average (EMA) within the daily time frame, further indicating a bearish trend.
However, the Relative Strength Index (RSI) shows that XRP is in oversold territory, forecasting a potential recovery.
When analyzing the charts and these indicators, if the token closes above $0.435 within the daily time frame, we may see a short-term increase to the $0.46 level.
Nevertheless, data from on-chain analysis company CoinGlass emphasizes that traders are currently more bearish, with short positions outweighing long positions within a 7-day time frame.
Furthermore, traders anticipate that XRP will not reach the $0.46 level, as there are $14.85 million worth of short positions at that level. If it reaches the $0.46 level, the $14.85 million worth of short positions will be liquidated.
According to CoinMarketCap data, aside from this technical analysis, as of the time of writing, XRP’s trading price is close to $0.433, with a price increase of over 8% in the past 24 hours.
Read Ripple’s XRP Price Prediction 2024-25
Meanwhile, investor and trader interest has decreased, with a 54% decrease in 24-hour trading volume.
Looking at XRP’s performance over a longer period, it has depreciated by over 9% in the past seven days. However, in the past 30 days, the token’s price has dropped by over 18%.