The cryptocurrency market has recently experienced a notable upside rally, but Ripple's XRP remained consolidating.

Crypto Whale's Huge XRP Purchase

On October 21, 2024, the blockchain transactions tracker Whale Alert reported a significant withdrawal of 52 million XRP tokens worth $28.67 million from the ByBit cryptocurrency exchange. This massive token withdrawal has shifted sentiment from a downtrend to an uptrend.

XRP Technical Analysis and Key Levels

According to expert technical analysis, XRP shows bullish signs as it has recently broken out from a prolonged consolidation phase. Despite this breakout, it isn't confirmed whether this rally will continue. If XRP closes its daily candle above the $0.578 level, there is a strong possibility it could rally by 20% to the $0.67 level in the coming days. However, the bullish thesis will only hold if it closes above $0.578.

Bullish On-Chain Metrics

XRP's bullish outlook is further supported by on-chain metrics. According to CoinGlass, the long/short ratio stands at 0.99, indicating weak trader strength. Meanwhile, open interest has increased by 3.9%, suggesting new position buildups. Currently, major liquidation levels are at $0.537 and $0.561. As of now, XRP is trading near $0.544 and has surged over 2.5% in the past 24 hours. Its trading volume increased by 117%, indicating heightened participation from investors and traders.

The recent large withdrawal of XRP tokens might signal a trend shift towards a more positive outlook, supported by current on-chain metrics and technical analysis.