Is it the Right Time to Purchase XRP? Expert Shares Essential Perspectives
XRP, the native token of Ripple Labs, is attracting significant attention from cryptocurrency enthusiasts and is expected to experience a substantial upward rally due to the formation of a bullish price movement. Adding to this positive outlook, a well-known cryptocurrency expert recently posted on X (formerly known as Twitter) that XRP appears to be ready for a rebound.
The post on X also pointed out that a technical indicator called TD Sequential is signaling a buy signal for the token. However, this prediction comes after a continuous 25% decrease in price that XRP has seen over the past few days.
Furthermore, traders and investors have shown strong interest in the token, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow has revealed that exchanges have experienced a significant outflow of $18 million worth of XRP tokens, indicating potential accumulation by large investors and long-term holders. This outflow from exchanges suggests potential buying opportunities and indicates that investors and long-term holders are taking advantage of the current market sentiment by continuing to accumulate XRP.
In addition to the long-term perspective of investors, intraday traders are betting on the bearish side, believing that XRP’s price will not experience upward momentum. According to Coinglass data, traders are over-leveraged on the lower side, holding $20.80 million worth of long positions at $2.346. On the other hand, traders holding short positions are over-leveraged at $2.442, with $32.10 million in short positions. These over-leveraged positions on both the short and long sides indicate key support and resistance levels and could be liquidated if the price moves in either direction.
Currently, XRP is trading around $2.42 and has seen a modest price increase of over 0.15% in the past 24 hours. However, its trading volume has decreased by 3.5%, indicating lower participation from traders and investors compared to the previous day.
Tags: Crypto news, Price Analysis, Ripple (XRP)
Source: Coinglass