Ripple’s 500 Million XRP Escrow Lock Triggers Whale Alert

• Whale Alert reports major XRP transfers, including 800 million XRP locked in escrow, hinting at strategic market moves by Ripple.
• XRP derivatives trading volume dropped by 62.11%, but a rise in long positions suggests optimism among top traders on major exchanges.
  
• Technical indicators show bullish potential for XRP, with the RSI nearing overbought levels and the MACD suggesting upward momentum.

Ripple has locked 500 million XRP, worth $314.84 million, in escrow, as per Whale Alert, a blockchain tracking service. This follows a series of large XRP transactions, including a 200 million XRP transfer from an unknown wallet to Ripple.

Shortly after, Ripple locked 100 million XRP ($62.99 million) and another 200 million XRP ($126 million) in escrow. These transactions were followed by a massive 500 million XRP escrow lock, worth $314.84 million.

Alongside these whale movements, XRP’s price stayed at $0.628093, with a 24-hour trading volume of $1.41 billion. XRP fell 0.81% over the last 24 hours holding a market cap of $35.52 billion. Over 56.56 billion coins were in circulation, with a maximum supply of 100 billion.

XRP Derivatives Market Experiences Decline

XRP’s derivatives market saw a sharp drop in trading activity. Trading volume decreased by 62.11% to $1.70 billion. Options volume plunged 94.17%. Open interest fell by only 1.74% to $974.34 million.

Options open interest rose 2.63%. The long/short ratio of 0.9026 indicates a shift toward short positions. However, top traders on Binance and OKX showed a strong preference for long positions, with ratios exceeding 2.0.

The market also saw notable liquidations in the last 24 hours. Notably, $3.45 million was liquidated from short positions, primarily driven by Binance and OKX. Despite the reduction in volume, market sentiment shifted positively with increased open interest and a move toward long positions. This suggests that traders may anticipate a recovery in the XRP market soon.

RSI and MACD Signal Possible Bullish Movement

The RSI (Relative Strength Index) for XRP is at 61.48, indicating moderately bullish momentum. Although not yet in overbought territory, traders should be cautious of potential overextension. The upward trendline supports the ongoing price momentum.

Additionally, the MACD (Moving Average Convergence Divergence) shows the MACD line approaching a potential bullish crossover. The MACD line is at 0.00427, slightly below the signal line at 0.00973. However, recent positive histogram bars reinforce the possibility of continued upward momentum.