Ripple Locks 1 Billion XRP: How the Token Reacted
Buyers are making efforts to push XRP above $0.61. Liquidation can occur around $0.58 due to high liquidity concentration.
Ripple has locked one billion XRP tokens, as revealed by Whale Alert. The tokens have been locked in four different batches, including a first 200 million lock in escrow, followed by a 300 million transfer, and ending with a 500 million XRP lock.
XRP Sentiment Changes
Ripple locks tokens at the end of every month or the beginning of a new one to balance the demand and supply levels of XRP. This activity can lead to a surge or decline in the value of XRP. However, the current XRP price action shows consolidation, with the value at $0.61, the same as on December 2nd.
The sentiment around XRP seems to have changed, with the Weighted Sentiment climbing into the positive region. This indicates that market players are convinced that XRP’s price might soon increase.
The Token Offers Risk and Reward
According to Santiment data, the Relative Strength Index (RSI) reading per 4-hour chart was 62.06, suggesting that buyers are trying to push XRP above $0.61. If the RSI reading continues to climb, XRP may retest $0.65 in the short term.
HyblockCapital’s liquidation heatmap shows a high concentration of liquidity around $0.62, indicating a good chance for XRP to reach that price.
Short-positioned traders should be cautious of the $0.58 level, where there is also a high level of liquidity. If XRP retraces, there could be significant liquidation in that zone. However, if a large buy order comes in, the price of XRP may jump above $0.62.
Read Ripple’s XRP Price Prediction 2023-2024 for more insights.