- At press time, 68.4% of top XRP traders on Binance held long positions
- XRP could soar by another 45% on the charts to hit the $4.5-level
Currently, XRP appears set to continue its upward trend, driven by robust enthusiasm and assurance from long-term investors and traders. Interestingly, during the past 48 hours, the cryptocurrency has been in a phase of consolidation, experiencing a price adjustment following its achievement of a 7-year high on the market charts.
Hike in long-term holders’ interest
On the 11th of January, XRP emerged from a bullish flag and pole price movement pattern, transitioning into a period of consolidation before experiencing a substantial 30% surge in value. During this upward trend, investors who had previously purchased XRP at lower prices started to offload their holdings on various trading platforms.
For the initial time in over five days, there was a resurgence of interest among long-term investors in the third-largest cryptocurrency, according to the data analysis company, CoinGlass, on January 18th.
$84 million XRP outflows from exchanges
Indeed, the examination of inflows and outflows at these platforms has shown a substantial exit of approximately $84.41 million worth of XRP within the past day.
The amounts have been quite significant, suggesting a possible build-up. Moreover, it appears to be pointing towards a promising buying moment, one that might generate considerable buying enthusiasm and possibly trigger an upward trend in the graphs.
68% of top XRP traders go long on Binance
Beyond the continuous buildup by long-term investors, traders on Binance have shown robust backing and faith in XRP. At the current moment, the XRP/USDT Long/Short ratio on Binance is 2.17, meaning that for every 2.17 long positions opened, there’s only one short position taken.
As a researcher, I’ve found compelling evidence of robust long-side engagement among traders. Interestingly, an analysis of the top XRP traders on Binance shows that a significant majority, approximately 68.4%, have opted for long positions. Conversely, around 31.6% of these traders are maintaining short positions.
XRP’s price action and key levels
As reported by AMBCrypto’s technical assessment, XRP has experienced a brief price adjustment, following a significant surge of approximately 30%. This adjustment comes after the cryptocurrency broke free from its bullish flag and pole configuration.
Given the latest trends in its price movement, it’s quite probable that XRP might surge an additional 45%, potentially reaching around $4.5.
Looking at XRP’s current price movements and on-chain indicators, it appears that buyers are significantly influencing the asset’s trend. This suggests that XRP might reach the projected levels as predicted in the future.
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2025-01-18 18:15