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XRP Traders Making Bullish Bets as Volume Jumps 40%

Mon, 09/18/2023 - 12:45
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Tomiwabold Olajide
XRP expected to make move in coming days
XRP Traders Making Bullish Bets as Volume Jumps 40%
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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.

100 Million XRP Moved to Ripple as Price Readies New Move

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.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.