XRP Traders Making Bullish Bets as Volume Jumps 40%

XRP Traders Making Bullish Bets as Volume Jumps 40%

XRP, the fifth-largest cryptocurrency by market capitalization, is seeing a 40% spike in trading volumes.

Trading volumes, which refer to the total units exchanged between buyers and sellers, might convey investor positioning.

In the last 24 hours, 1,364,786,025 XRP, amounting to $681,276,254, have been swapped, prompting a 40% jump in trading volumes. The XRP/USDT pair on top crypto exchange Binance accounts for the largest chunk — $105 million — of the total volume traded.

As XRP awaits the next major move, data from Coinglass reflects traders’ current sentiment.  The cryptocurrency futures long/short ratio provides insight into traders’ moods.

By definition, the cryptocurrency futures long/short ratio is a sentiment analysis indicator related to the views and actions of market traders. A high ratio suggests bullish market sentiment, while a low ratio indicates that the market is bearish.

In this regard, the Binance XRP/USDT accounts had a positive long/short ratio of 3.17 in the last 24 hours, while the exchange’s top trader positions, the long/short ratio — which refers to the ratio of long and short accounts by top traders — stood at 1.0978.

In any case, these indicators seem to reflect a bullish bias for traders on Binance, XRP’s largest market at present.

XRP price action

At the time of writing, XRP had risen 0.48% in the last 24 hours to $0.50. A look at XRP’s hourly chart exposes the true picture of XRP trading activity. XRP is trading in a straight line, indicating a narrow price range.

Given that periods of such low volatility do not last long, XRP is expected to make a move in the coming days, either to the upside or to the downside.

On the upside, a break past the daily MA 200 at $0.513 might spark a rise toward $0.554, where XRP is expected to meet resistance. A break past these levels might push XRP toward $0.65 next.

On the contrary, if the bears gain the advantage, support is envisaged near the $0.46 mark.

Published at Mon, 18 Sep 2023 14:45:00 +0200

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