Monday witnessed a significant surge in trading volumes for XRP, the fifth largest cryptocurrency by market capitalization. The digital asset saw a 40% increase in trading activity, with 1,364,786,025 units exchanged between buyers and sellers, equivalent to $681 million. Binance, a leading cryptocurrency exchange, accounted for the majority of this activity with the XRP/USDT pair responsible for $105 million of the total volume.
Data from Coinglass suggests a bullish sentiment among traders. The futures long/short ratio, an indicator that reflects market sentiment, showed positive figures on Binance XRP/USDT accounts. The ratio stood at 3.17 in the past 24 hours, while among top trader positions on the exchange, it was 1.0978. These numbers collectively indicate a bullish trend on Binance, which currently is XRP’s largest market.
In terms of price action, XRP experienced a modest increase of 0.48% over the last day to reach $0.50. Despite trading within a narrow price range on Monday, analysts anticipate significant movement in the coming days due to periods of low volatility typically being short-lived in cryptocurrency markets.
Potential future movements include an upward trend that could see XRP surpassing the daily MA 200 at $0.513. If this occurs, it could trigger a rise towards $0.554 where resistance is expected. A successful break past these levels could potentially see XRP reaching up to $0.65.
Contrarily, if bears take control and a downward shift occurs, support is projected near the $0.46 level. These projections are based on current market trends and trading activity, emphasizing the dynamic nature of cryptocurrency markets.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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