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According to on-chain data, Binance traders are increasingly bullish on XRP. According to CoinGlass data, Binance's long/short ratio (accounts), which refers to the number of long accounts versus short accounts, suggests a major number of participants on the long side outweighing shorts. The Binance long/short ratio (accounts) represents the proportion of net long and net short accounts in the context of total accounts with positions.
The Binance XRP/USDT long/short ratio (accounts) is currently at 3.05, according to CoinGlass data, indicating that the number of individuals holding long positions is 3.05 times higher than those holding short positions.
A similar trend is seen for Binance XRP/USDT top traders, with the long/short ratio (accounts) currently at 3.67. This means that there are 3.67 times as many traders holding long positions as there are short positions.
$4 next?
XRP reached $3 in Thursday's session, as bulls extended a broader recovery from a low of $2.69 on Sept. 1.
At press time, XRP was trading at $2.99 and was up nearly 6% weekly. The XRP price is aiming for a crucial breakout above the daily SMA 50 at $3.01, with bulls tugging against this barrier to breach it since Sept. 9, with their efforts yet to yield the desired results.
According to Ali, two scenarios remain likely for the XRP price: the first is to achieve a breakout beyond $3.05 and then a surge to $3.60. The second is to retrace to $2.80 before retesting $2.90; if this is successful, this would target $3.60.
Both scenarios reveal a target of $3.60, which precedes the much coveted $4 mark. According to CoinGecko data, XRP remains up 468% on a one-year basis, buoyed by a bull run from near $0.50 in November 2024.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team