XRP Traders Defy $40 Million Outflow, Bet on Prolonged Upswing
XRP price has been trading sideways around $2.40 over the past 24 hours, indicating almost equal power between bulls and bears. However, XRP traders seem to believe that the coin could rise higher.
The sentiment comes amid millions of dollars worth of cash outflows. Will altcoins prevail?
XRP bulls are not swayed by negative signs
According to data from Coinglass, the XRP long/short ratio has risen above 1. This ratio measures traders’ expectations. When the rating is higher than 1, it means that there are more traders with long positions than there are traders with short positions. shorts.
On the other hand, a reading below 1 means dominance Shorts, they are betting that the price will fall. Therefore, the current ratio is leaning towards bullish dominance, which suggests that many traders expect Add XRP price to a 10% increase in 7 days.
Interestingly, this development comes amid a wave of cash outflows. As of this writing, Coinglass data shows $40 million in outflows from the XRP spot market over the past two days.
Typically, an increase in spot inflows reflects direct investment in the asset at current market prices, indicating strong bullish sentiment. This trend tends to stimulate demand, May exert upward pressure Regarding altcoin prices.
However, when outflows increase, it indicates lower demand for the cryptocurrency. If sustained, this could put downward pressure on the price of XRP. But as mentioned above, XRP traders don’t expect the altcoin to undergo a major correction.
XRP Price Prediction: Charts Remain Bullish
On the daily chart, XRP price maintains bull flag pattern form. The bull flag resembles a flag on a pole and is an important pattern in analysis. It comes after a sharp rise in prices and signals the possibility of another strong rally.
Typically, this pattern is a bullish continuation, with continued volume expected to drive prices higher. Therefore, if XRP buying pressure increases and trading volume continues to increase, the price could rise to $3.25.
If the wave of demand for altcoins intensifies, this target could go even higher and XRP prices could rise above $4. However, a Breaking below the flag’s lower trendline may invalidate this prediction. If this happens, XRP could drop to $1.40.
Disclaimer
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