<p>It appears that XRP whales are on a buying spree and possibly taking advantage of the recent market fall. On October 1, 2024, a prominent crypto expert made a post on X (Previously Twitter) that several XRP whales have begun accumulating tokens on a large scale.</p>   
<h2 class="wp-block-heading" id="h-xrp-whales-started-buying-nbsp"><strong>XRP Whales Started Buying&nbsp;</strong></h2>   
<p>In a post on X, he noted, “No wonder XRP whales went on a buying spree!,” and shared a picture showing that&nbsp; “Bitwise has registered delaware trust for XRP ETF.” However, the current whales acquisitions are still unknow, but the last week, XRP whales purchased a significant 470 million of tokens worth nearly $276 million.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/ali_charts/status/1841204272093917530 
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</figure>   
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>   
<p>At press time, due to the ongoing conflict between Iran and Israel, XRP has lost 4.1% of its value in the past 24 hours and is currently trading near $0.601. During the same period, its trading volume skyrocketed by 35%, indicating higher participation from traders and investors amid market decline.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-xrp-technical-analysis-and-upcoming-levels-nbsp"><strong>XRP Technical Analysis and Upcoming Levels&nbsp;</strong></h2>   
<p>According to expert technical analysis, <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" target="_blank" rel="noreferrer noopener">XRP is in an uptrend</a> as it is trading above the 200 <a href="https://coinpedia.org/traders/what-is-moving-average-indicator/" target="_blank" rel="noreferrer noopener">Exponential Moving Average</a> (EMA) on a daily time frame. The 200 EMA is a technical indicator that is use to determine whether an asset is in an uptrend or downtrend.</p>   
<figure class="wp-block-image">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/10/02111200/image-27.png" alt="" class="wp-image-358281">
</figure>   
<p>At present, due to the bearish market sentiment, XRP has formed a bearish candlestick pattern near the $0.65 resistance level. There is a strong possibility it could decline by another 8% in the coming days.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-bearish-on-chain-metrics"><strong>Bearish On-Chain Metrics</strong></h2>   
<p>In addition to the technical analysis, XRP’s on-chain metrics further support this bearish outlook. According to the on-chain analytics firm Coinglass, XRP’s Long/Short ratio currently stands at 0.98, indicating bearish market sentiment among traders. Additionally, its future open interest has dropped by 13% in the past 24 hours and has been steadily falling, indicating liquidation of traders’ positions.</p>   
<p>When combining all these metrics and technical analysis, it appears that bears are dominating the asset and potentially causing a further price decline in the coming days.</p>   [post_titles_links postid="358263"]

XRP Whales Accumulate $276M in Tokens as Market Faces Bearish Sentiment

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