XRP, the native token of Ripple Labs, is drawing significant interest from traders despite prevailing market uncertainties. As the cryptocurrency market recovers, XRP stands out with strong bullish indicators, making it one of the more promising assets in the current landscape.
73% of Binance’s XRP Traders Go Long
Data from Binance, the world’s largest cryptocurrency exchange, reveals a notable shift in trader sentiment towards XRP. The Binance XRPUSDT long/short ratio currently stands at 2.66, indicating that for every single short position, there are 2.66 long positions.
Further data analysis shows that 73% of Binance’s top XRP traders are holding long positions, while only 27% are shorting the asset. This overwhelming bullish stance reflects confidence from both retail investors and institutional players, further strengthening XRP’s market outlook.
$12.50 Million XRP Outflow Points to Accumulation
In addition to bullish trader sentiment, XRP has experienced a significant exchange outflow. A total of $12.50 million worth of XRP has moved off exchanges, signaling increased accumulation from long-term holders and whales.
Such substantial outflows often indicate buying pressure and a potential supply squeeze, both of which could drive prices higher in the near term. As investors continue to shift XRP holdings to private wallets, the possibility of a breakout looms larger.
XRP Price Levels and Future Projections
Despite an impressive 48% surge in trading volume over the past 24 hours, XRP’s price remains stable at approximately $2.43. The asset is consolidating for the fourth consecutive day, maintaining support from an ascending trendline.
If XRP holds above the critical $2.30 support level, historical price trends suggest a potential 35% surge, pushing the token toward the $3.30 mark.
Also Read: XRP Price Analysis: Network Transactions Surge 12%, Signaling Potential Breakout Above $2.60
With strong accumulation, bullish sentiment, and increasing market participation, XRP appears poised for further gains, reinforcing its status as a key asset in the evolving crypto market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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