XRP could rise another 45% on the charts to reach $4.5
Currently 68.4% of top XRP traders on Binance are long
At the time of writing, XRP looks set to continue its bullish rally thanks to strong interest and confidence from its long-term holders and traders. This is despite the fact that over the past 48 hours, Alcoin has been in a consolidation mode, undergoing a price correction after hitting a 7-year high on the charts.
Walk in the long term interest holders' interest
On January 11, XRP broke out of a bullish flag and pole price action pattern, entering a consolidation phase before recording a massive 30% surge. During this surge, long-term holders who had bought XRP at lower prices began selling their holdings on exchanges.
On January 18, for the first time in the past five days, long-term holders showed renewed interest in the third-largest cryptocurrency, cross-chain analytics firm CoinGlass reported.
$84 Million XRP Flows From Exchanges
In fact, data from spot/flow analysis revealed that exchanges saw massive inflows of over $84.41 million in XRP in the past 24 hours alone.
This volume was high, indicating potential accumulation. It also seemed to indicate an ideal buying opportunity, one that could create significant buying pressure while leading to an upside rally on the charts.
$84 Million XRP from Exchanges
Source: Coinglass
68% of Top XRP Traders Go Long on Binance
In addition to the continued accumulation by long-term holders, traders on Binance have also expressed strong support and confidence in XRP. At press time, Binance’s long/short XRP/USDT ratio is 2.17. This means that for every 2.17 long positions, there is one short position.
This showed strong interest from traders on the long side. Moreover, the data revealed that 68.4% of top XRP traders on Binance held long positions, while 31.6% held short positions.
XRP Price Action and Key Levels
According to AMBCrypto technical analysis, XRP is now undergoing a slight price correction after recording a 30% bullish surge. This, after a breakout from its bullish flag and pole pattern.
XRP Price Action
Based on the recent price action, there is a strong possibility that XRP could rise another 45% to reach the $4.5 mark.
Disclaimer: Includes third party opinions. Not financial advice.
