The current mood across the cryptocurrency market landscape is notably bullish as pro-crypto presidential candidate Donald Trump gains momentum in U.S. election polls. This optimism is influencing various crypto assets, including XRP, which has seen significant movements recently.
1.38 Billion XRP Transfer
Amidst this optimistic sentiment, a substantial amount of XRP has been moved. Specifically, whales and investors have transferred a staggering 1.38 billion XRP tokens, valued at approximately $702.38 million, from the exchange Bithumb to an unidentified wallet. This tremendous transfer has sparked discussions among investors and traders, leading to speculation regarding whether this was a large-scale purchase or another strategic maneuver.
Following this substantial transaction, XRP’s market price experienced a notable increase. Over the past 24 hours, the price surged by 5.5%, with the cryptocurrency now trading around $0.532. Additionally, the trading volume for XRP has climbed by 27.5%, reflecting heightened activity and interest from traders and investors, likely fueled by the current election-related excitement.
XRP Technical Analysis and Upcoming Levels
Expert technical analysis suggests that XRP is currently exhibiting a neutral stance, with no definitive indicators of a forthcoming upward rally. This analysis stems from the prevailing price momentum, where tokens are displaying an upward trend coupled with robust bullish activity.
However, XRP appears to be facing challenges in sustaining its momentum. Should XRP manage to close a daily candle above the $0.55 threshold, traders and investors might witness an upward rally. Achieving this milestone could potentially propel XRP by 15%, reaching the $0.65 level, which aligns with its typical target within the ongoing channel pattern.
Bullish On-Chain Metrics
XRP’s on-chain metrics reveal a bullish inclination among traders, who are currently favoring long positions. According to data from the on-chain analytics firm Coinglass, XRP’s long/short ratio stands at 1.03, indicating a strong bullish sentiment among market participants. Moreover, open interest in XRP has surged by 9.5% over the past 24 hours, underscoring the growing interest and the establishment of new positions by traders.
The combination of increasing open interest and a long/short ratio exceeding 1 suggests that bullish forces are currently prevailing in the asset’s market. This scenario could be interpreted as a potential buying opportunity for investors looking to capitalize on the prevailing market conditions.
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