An important development took place on Tuesday, with a significant increase in the Binance exchange. Ripple The (XRP) token was sent. However, while many investors expected this to turn into a sell-off, this XRP transfer to the market direction appeared to have no effect on prices. XRP’s latest price action was a relatively weak increase of 1% in 24 hours.
Ripple Is Unmoved, Targeting New Price High
When the calendars show August 20th, Binance The transfer of 33 million XRP tokens worth approximately $20 million to his wallet did not go unnoticed. It is known that these transfers, which are generally market-oriented, can create selling pressure and trigger a decline. However, this time, this was not the case and the price first remained stable and then increased by 1%. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
After this price movement, the value of XRP is at $0.5992, just below $0.60. As reflected by the positive funding rate on cryptocurrency exchanges for XRP, it is seen that investors who perform futures transactions are constantly positioned in the direction of long positions, and the funding rate is currently at 0.0045%, as reflected in the charts.
On top of that, XRP futures open interest has seen a noticeable increase over the past 24 hours. According to Coinglass, this metric currently stands at $667 million.
The outlook for futures open interest on an asset tracks the amount of futures contracts that have not yet been closed. When this rate increases, it is known that more investors enter the market and contribute to liquidity.
XRP Price Prediction: Token Demand Remains High
XRP’s When you look at the last 7 days, it has experienced a 5% increase in value and when you look at the technical indicators, it seems that it has more earning potential. On the 12-hour chart examination There are views that when this is done, the altcoin may continue its upward trend, also influenced by the positive outlook in the market.
Currently, the Directional Movement Index (DMI) continues to trend above the positive indicator (+DI) and the negative indicator (-DI), indicating an uptrend. Overall, this pattern on the charts reflects a strengthening market uptrend driven by strong buying pressure.
Another indicator that reflects positivity on the XRP side is none other than the Relative Strength Index (RSI). XRP’s RSI value has a value of 58.15 and with its upward outlook, it indicates that buying pressure is gradually increasing.
If the uptrend in XRP continues, the price could climb to $0.61. However, in a scenario where the trend reverses, the price could drop to $0.57.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
