A whale move of 100 million XRP raised questions as traders monitor key support levels near $0.50.

• XRP derivatives showed bearish activity, while the liquidation showed that bearish traders were caught off guard.

The transfer of 100 million  XRP between two unknown wallets, linked to Ripple, has fueled  speculation in the cryptocurrency community . The deal, which was worth 53 million at the time of the transfer, has raised questions about potential market activity. 

The transfer occurred between the wallets “rP4X2hTa7A” and ” rhWt2bhRq3 “, both of which were involved in high volume transactions.

The constant scrutiny of these wallets is due in part to their history of large transfers, often linked to Ripple. The recent move has led many to question whether larger transactions may follow and potentially affect XRP’s price path.

Blockchain data  showed  that both wallets involved in the recent transaction have an active history. The sending wallet, “rP4X2hTa7A”, is closely associated with Ripple, having previously received  significant amounts of XRP .

On September 23, the wallet received 200 million XRP directly from Ripple and has since dispersed the funds to various anonymous wallets.

XRP price trends and technical analysis

At press time, XRP  was trading at $0.5281  , representing a 0.17% increase in the past 24 hours. The total circulating supply is 57 billion XRP, giving the crypto market cap $29.9 billion. 

Technical indicators show that XRP is below the middle Bollinger Band around $0.53, indicating a bearish trend.

The price was approaching the key support level around $0.50 and a break above this level could signal a possible reversal.

On the downside, a break below $0.50 could lead to a price test of $0.48. 

 

Meanwhile, the Awesome Oscillator (AO) is showing negative momentum, but the shrinking bars suggest selling pressure may ease. Traders are advised to watch for a possible bullish crossover in the coming days which could signal a change in sentiment.

Aaron’s indicator and resistance levels

Aaron’s index reflects a neutral to bearish outlook. Aroon Down is at 57.14%, indicating moderate downward pressure, while Aroon Up is at 28.57%, indicating weak upward movement. 

This suggests that the price could remain under pressure in the short term, unless there is a change in market dynamics.

XRP’s resistance level was around $0.55. A break above this level could lead to a rally towards $0.60, but a failure to break above it could lead to a consolidation or further decline. 

XRP derivatives data and market activity

According to  data from Coinglass  , XRP derivatives data shows a significant decrease in trading activity.

Volume fell 26.72% to $738.79 million, while return on interest (OI) fell 0.53% to $685.37 million. 

This decrease in market activity reflects traders’ cautious approach, although options open interest increased by 2.73%, indicating that some traders are still positioning themselves for potential moves .

 

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Liquidation data shows that short positions suffered the most with $399.16K in the last 24 hours, compared to $299.59K in long liquidations.

This suggests that recent price movements have caught bearish traders by surprise