- At press time, 68.4% of top XRP traders on Binance held long positions
- XRP could soar by another 45% on the charts to hit the $4.5-level
XRP, at the time of writing, seemed poised to continue its upside rally thanks to strong interest and confidence from long-term holders and traders. This, despite the fact that over the last 48 hours, the altcoin has been in consolidation mode, undergoing a price correction after hitting a 7-year high on the charts.
Hike in long-term holders’ interest
On 11 January, XRP broke out from a bullish flag and pole price action pattern, entering a consolidation phase before recording a significant 30% upside rally. During this rally, long-term holders who bought XRP at lower prices began selling their holdings on exchanges.
On 18 January, for the first time in the last five days, long-term holders showed renewed interest in the third-largest cryptocurrency, as reported by the on-chain analytics firm CoinGlass.
$84 million XRP outflows from exchanges
In fact, data from its spot inflow/outflow analysis revealed that exchanges have seen significant outflows of over $84.41 million in XRP in the last 24 hours alone.
These volume have been substantial, indicating potential accumulation. It also seemed to hint at an ideal buying opportunity, one that could create massive buying pressure while potentially leading to an upside rally on the charts.
Source: Coinglass
68% of top XRP traders go long on Binance
In addition to the sustained accumulation by 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 demonstrated strong trader interest on the long side. Furthermore, data revealed that 68.4% of top XRP traders on Binance held long positions, while 31.6% held short positions.
XRP’s price action and key levels
According to AMBCrypto’s technical analysis, XRP is now undergoing a minor price correction after recording a 30% upside rally. This, after a breakout from its bullish flag and pole pattern.
Source: TradingView
Based on its recent price action, there is a strong possibility that XRP could soar by another 45% to hit the $4.5-mark.
When combining XRP’s press time price action with on-chain metrics, it would seem that bulls are strongly dominating the asset. This could support the altcoin in hitting its predicted levels in the future.
