The post XRP Rally Imminent? 73% of Traders Go Long appeared first on Coinpedia Fintech News
XRP, the native token of Ripple Labs, is gaining notable attention from traders despite ongoing market uncertainty, making it appear more bullish compared to other assets. Today, February 10, 2025, the overall cryptocurrency market is showing signs of price recovery, and traders seem to be finding better opportunities in the XRP token.
73% of Binance’s XRP Traders Go Long
These traders were observed on Binance, the world’s largest cryptocurrency exchange. According to the data, the Binance XRPUSDT long/short ratio stands at 2.66, indicating that for every 2.66 long positions, Binance has only a single short position. This shows a bullish sentiment among traders.
However, data further revealed that currently, 73% of top XRP traders on Binance hold long positions, while 27% hold short positions. This data not only shows strong interest from traders but also indicates attraction from long-term holders and whales.
$12.50 Million Worth of XRP Outflow
In addition to traders betting on the long side, investors and long-term holders have been found accumulating XRP tokens from exchanges. Data from the spot inflow/outflow reveals that exchanges across the crypto landscape have witnessed an outflow of a significant $12.50 million worth of XRP tokens.
This substantial outflow from exchanges hints at potential accumulation and could lead to buying pressure and further upside momentum.
XRP Price and Upcoming Level
With all this participation from traders and investors, XRP’s trading volume jumped by 48% compared to the previous day. However, the price remained unchanged in the past 24 hours, as it is currently trading near the $2.43 level.
Despite the ups and downs in market uncertainty, XRP is still in an uptrend and is receiving support from the ascending trendline.
However, this marks the fourth day of consolidation near this level. Based on the recent price action and historical patterns, if XRP holds above the $2.30 level, there is a strong possibility it could soar by 35% to reach the $3.30 level in the future.