Despite the current price adjustment, XRP, Ripple's currency, continues to attract the attention of major investors, according to on-chain data from Coinglass. This may be due to the impressive 370% growth of XRP in the past month.
$288 million USD of XRP withdrawn from exchanges
According to XRP cash flow data from CoinGlass, exchanges have witnessed a large amount of XRP being withdrawn, with a total value of up to $288 million since the beginning of October.
In the cryptocurrency market, the withdrawal of a large amount of assets from exchanges often indicates that investors are transferring assets to personal wallets for long-term holding. This could be a positive signal, suggesting the potential for price appreciation and reduced selling pressure.
Negative sentiment from traders
Along with the withdrawal of assets for long-term holding, traders appear to be in a neutral state, possibly waiting for a breakout from XRP.
Data shows that the current Long/Short ratio of XRP is 0.98, reflecting negative sentiment. In this, 50.8% of large traders are holding Short positions, while 49.2% are holding Long positions.
According to the technical analysis of TinTucBitcoin, XRP has recently broken through a resistance level on the hourly chart and is currently facing resistance at the $2.47 level.
Based on recent price action and historical trends, if XRP can break above this resistance level and close the day above $2.50, the price could potentially increase an additional 18% to reach $2.90 in the coming days.
A positive signal is that XRP is currently trading above the 200-day Exponential Moving Average (EMA) on both the lower and higher time frames, indicating an uptrend.
The Relative Strength Index (RSI) of XRP is currently at 40, near the oversold zone. When the RSI approaches the oversold area, it often signals that the asset has the potential for a strong price increase in the coming days.
Current price and trading volume of XRP
Currently, XRP is trading at around $2.40, down 7.2% in the past 24 hours. During the same period, the trading volume has decreased by 25%, indicating lower participation from investors and traders compared to previous days.
