In a major XRP news today, a key whale indicator turns bullish for Ripple’s native crypto asset XRP. The on-chain metric now flashes a buy signal for the first time since July. Will XRP price see a massive rally from here as multiple catalysts are turning positive?
Major XRP News: Whale Flow Metric Turns Positive
As CoinGape reported earlier, whale flows turned deeply negative in July as XRP faced renewed distribution pressure. XRP price top coincided with sustained whale distribution and a subsequent correction.
CryptoQuant’s XRP Whale Flow 30-DMA has now turned positive after nearly 4 months. The key indicator signals renewed buying interest among whales. Whales gradually started accumulating at dips in October amid seasonality and other catalysts.
Major buying comes after the big XRP news of Ripple-backed Evernorth’s announcement of a plan to raise over $1 billion for corporate treasury. As CoinGape reported, Ripple powered Evernorth wallet with over 388.71 million XRP worth over $1 billion.
In addition, CryptoQuant’s Exchange Reserve and Exchange Inflows metrics also support buying pressure. XRP held on crypto exchange Binance has dropped from 3.1 billion to 2.7 billion after the October 10 crypto market crash and recent liquidations.
XRP Futures Open Interest Hits Record High on CME
Institutional investors continued buying in September and October despite a gradual drop in XRP price because of ETF anticipation. The latest Crypto Funds Flow report by CoinShares digital fund flows data shows $73.9 million and $84.3 million in inflows in XRP in the last two weeks.
XRP futures open interest hit a new record high of $1.4 billion on CME today. The total open interest of XRP contracts across all crypto exchanges surpassed $4.4 billion in the last 24 hours. However, it is still below July’s all-time high of $10.94 billion.
Will Price Rally on Bullish XRP News?
Crypto analysts highlighted that XRP looked stronger than a lot of top crypto assets, with on-balance volume (OBV) still trending up. However, several headwinds remain despite the beginning of XRP ETF launch countdown.
Ripple coin is witnessing a massive buying, with the price up over 15% in the last two weeks. But the price is moving just above the 50-week moving average following a drop below the 50-day moving average and 100-DMA. It needs to rebound above $2.60 and $2.72 for a rally to $3.
Analyst Ali Martinez pointed out that XRP price could find resistance at $2.80. He shared a 12-hour chart to predict an upcoming rebound and fall back below $2.40 after facing resistance.
XRP price fell nearly 2% in the past 24 hours, with the price currently trading at $2.58. The 24-hour low and high are $2.50 and $2.66, respectively. Furthermore, the trading volume has increased by 12% in the last 24 hours, indicating a rise in interest among traders.