Growth in XRP trading volume
XRP's options volume has increased by 450%, while sentiment and the NVT ratio indicate bullish potential.
Big money flow and leverage zones suggest the potential for continued breakout.
Ripple [XRP] has made a significant transfer of 29.5 million tokens worth over $69 million to Coinbase, possibly signaling a strategic accumulation rather than selling pressure.
Sentiment from both the crowd and smart money remains optimistic, with corresponding scores of 1.10 and 0.39, reflecting growing confidence in the market.
Additionally, the Weighted Sentiment has risen to 0.36, the highest in several weeks. Thus, despite the significant transfer, the market still retains confidence in XRP's outlook and may be positioning for further growth.
Is smart money making a big bet on XRP?
Derivative data shows increasing interest in XRP. Futures contract volume rose by 10.66% to $9.51 billion, while Open Interest increased by 8.90% to $4.80 billion, indicating new capital inflows.
Notably, options activity exploded with a volume increase of 450.31% and Open Interest rising by 480.41%. This strong increase indicates that traders are increasingly betting on a breakout.
Thus, the derivatives context supports optimistic sentiment from the crowd and smart money, reinforcing the potential for continued bullishness.
XRP's price is entering a crucial zone with liquidation concentrated between $2.40 and $2.48.
The liquidation heat map on Binance shows significant leverage piling up in this area, which could act as a magnet for price movement.
If buying momentum continues, a short squeeze could occur, further increasing the breakout upward.
As such, the current price trajectory seems to be leading towards a high-leverage area, increasing the likelihood of volatility and rapid movement if resistance is invalidated.
Source: Coinglass
XRP: Is it undervalued or heating up?
The NVT ratio of the XRP network has decreased by 21.02% in the last 24 hours to 148.7, indicating a significant increase in on-chain trading volume.
This decrease implies that activity within the network is in a better state compared to its market capitalization. Typically, a lower NVT is considered an undervalued asset, especially when combined with positive price sentiment.
Thus, this on-chain trend further reinforces the narrative that the recent big money flow could be a repositioning move rather than a sell-off.
Source: CryptoQuant
Right on the edge of breakout
Technically, XRP is on the verge of breaking out from the descending channel that has existed since February. The price has gradually increased and is currently hovering just below the resistance level of $2.48.
Currently, XRP is trading at $2.38, up 1.44% in the last 24 hours.
The next key levels to watch are resistance at $2.48 and support at $2.31. If a breakout above the resistance level is confirmed, it could trigger new bullish momentum and invalidate the mid-term bearish setup.
Source: TradingView
Conclusion
With optimistic sentiment from the crowd, increased derivative exposure, rising trading activity, and important technical structure, XRP seems to be shaping up for a potential breakout.
If the resistance at $2.48 is breached, momentum could increase quickly, supported by both speculative demand and improving fundamentals.
Source: https://tintucbitcoin.com/xrp-se-but-pha-dau-hieu-thi-truong-dang-hoi-tu/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
