Market indicators and price movement show XRP has the potential for a strong upward path.
Demand in the spot market has also grown week over week.
Ripple [XRP] has followed the trend of the broader cryptocurrency market, recording a 21% increase over the past week and a 3.43% increase in the last 24 hours.
Market sentiment shows that although selling activity remains high, buyers are stepping up to mitigate its impact on price.
Sellers are being absorbed by buyers.
Recent market analysis from CryptoQuant shows that selling pressure is increasing as the Taker Buy/Sell Ratio of XRP declines.
A drop below 1 of this ratio implies that the wider derivatives market is selling off. At the time of the update, XRP reached 0.9361, indicating more sellers than buyers.
Source: CryptoQuant
However, this high selling volume does not reflect in price movement, as prices continue to rise. Analysis shows that traders on Binance are actively driving the price growth of XRP.
At the time of writing, XRP's Open Interest on Binance has increased from $530 million to the current high of $1.5 billion.
Market inclination among traders on Binance is determined by the funding rate. The funding rate does not provide a potential direction, as the market has yet to decide with a neutral assessment.
Source: CryptoQuant
Funding rate analysis provides deeper insights into trader actions. Despite an increase in sell positions, the funding rate continues to decline, indicating a tightening market.
TinTucBitcoin's assessment of the Taker Buy/Sell Ratio on Binance confirms an upward trend. At the time of the update, the ratio stands at 3.3497, indicating that buyers are still in control despite the increase in sell contracts.
If traders on Binance maintain or increase their buying volume, XRP could soon see a significant move.
Retail traders are not excluded.
Retail traders are also participating in the current market movement and have contributed to the price increase of XRP.
In just the past 24 hours, this group of traders has purchased $17.06 million worth of XRP, bringing the total purchases for last week to $94.41 million.
While these activities are primarily bullish, liquidity clusters indicate a slight decrease to the $2.50 region could occur.
Source: Coinglass
At that level, unfulfilled orders remain, and prices often move toward such areas. A drop to $2.50 would be minimal, as XRP is currently trading at $2.58—a slight decrease of $0.08.
From these cluster levels, prices often bounce back, maintaining bullish momentum.
Source: https://tintucbitcoin.com/xrp-tang-manh-21-tin-hieu-gia-se-giam-nhanh-chong/
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!
