- At press time, 68.4% of top XRP traders on Binance held long positions
- XRP could soar another 45% on the charts to reach the $4.5 level
XRP, at the time of writing, appeared poised to continue its upward rally thanks to strong interest and confidence from long-term owners and traders. This is despite the fact that in the last 48 hours the altcoin has been in consolidation mode and has undergone a price correction after hitting a 7-year high on the charts.
Walk in the interest of the long-term holders
On January 11, XRP broke out of a bullish flag and price action pattern, entering a consolidation phase before recording a significant 30% upward rally. During this rally, long-term holders who bought XRP at lower prices started selling their holdings on exchanges.
On January 18, for the first time in the past five days, long-term holders showed renewed interest in the third-largest cryptocurrency, as reported by on-chain research firm CoinGlass.
$84 million XRP outflows from exchanges
In fact, data from its spot inflow/outflow analysis showed that exchanges have seen significant outflows of over $84.41 million in XRP in the past 24 hours alone.
These volumes have been significant, indicating potential accumulation. It also seemed to suggest an ideal buying opportunity, one that could create huge buying pressure while also leading to an upward rally on the charts.
Source: Coinglass
68% of top XRP traders go long on Binance
In addition to the sustained accumulation of long-term holders, traders on Binance have also expressed strong support and confidence in XRP. At press time, Binance’s XRP/USDT Long/Short ratio stood at 2.17. This indicated that for every 2.17 long positions, there is a single short position.
This showed strong trader interest on the long side. Additionally, the data showed that 68.4% of the top XRP traders on Binance were long, while 31.6% were short.
XRP Price Action and Key Levels
According to AMBCrypto’s technical analysis, XRP is now undergoing a minor price correction after recording a 30% upward rally. This after a breakout from its bullish flag and bar pattern.
Source: TradingView
Based on its recent price action, there is a strong possibility that XRP could soar another 45% to reach the $4.5 mark.
When combining XRP’s press time price action with on-chain metrics, it appears that bulls are strongly dominating the asset. This could help the altcoin reach its predicted levels in the future.
