Cryptoinsightuk, a crypto analyst, reports that the XRP/ETH pair’s chart signals potential bullish trends. Several cup-and-handle patterns have formed on the four-hour chart, suggesting possible upward momentum. XRP currently holds strong support around 0.000219, with resistance at 0.000236.
A breakout above this resistance could trigger further gains for XRP holders. However, a failure to breach this level could lead to a retracement of support. Traders closely monitor volume and RSI indicators to predict the market’s next move.
Whale Alert Detects Large XRP Transfers
Blockchain tracking service Whale Alert reported several large XRP transfers in the past 24 hours, one of which was carried out by Ripple Labs. According to Whale Alert, Ripple moved 100 million XRP, worth over $54.59 million.
This has raised concerns within the XRP community regarding Ripple’s intentions. Cumulatively, four substantial transactions have transferred over 187 million XRP. Traders are paying close attention to these transfers, anticipating potential market impacts.
XRP Market Volatility and Price Decline
XRP is valued at $0.526780 and has a 24-hour trading volume of $1.48 billion. Its market cap has dropped by 3.29% in the past 24 hours to $29.67 billion. XRP’s derivatives market indicates bullish sentiment, with trading volume spiking by 108.88% to $1.51 billion.
Long positions on Binance outnumber short positions by a ratio of 2.84, suggesting optimism. However, the market remains volatile, with significant short liquidations over the short term but larger long liquidations totaling $4.22 million within 24 hours. Traders are advised to stay cautious amid this volatility.
Ethereum’s Price Drop and ETF Shuttering
Ethereum is priced at $2,261.85, dropping by 5.07% in the past 24 hours. Its market cap stands at $272.14 billion. Despite the decline, the Ethereum derivatives market also shows bullish sentiment. Trading volume surged by 116.12% to $45.83 billion, while options volume rose by 94.36% to $792.12 million.
Long positions dominate the market across exchanges, and optimism for a price rise is high. However, like XRP, Ethereum’s market shows volatility, with $75.72 million in liquidations over 24 hours, primarily affecting long positions. Traders continue to position themselves for gains but remain cautious due to high liquidation levels.
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XRP To Moon? Analysts Predict Breakout Amid Massive Moves
Amid these developments, asset manager VanEck announced the closure of its futures-based Ethereum exchange-traded fund (ETF). The decision was influenced by performance, liquidity, assets under management, and a shift in investor interest towards spot cryptocurrency ETFs. The VanEck Ethereum Strategy ETF (EFUT) will cease trading on September 16, with fund assets being liquidated and returned to investors by September 23.
