As of the current moment, XRP appears to be on track to sustain its upward momentum, buoyed by robust interest and confidence from both long-term investors and traders. This optimism persists despite a recent consolidation phase and price correction following a seven-year high reached by the altcoin.
Spike in Interest from Long-Term Investors
On January 11, XRP broke out from a bullish flag and pole pattern, leading to a 30% uptrend after a consolidation phase. The surge prompted long-term holders who had purchased XRP at lower prices to begin offloading their holdings on exchanges.
By January 18, long-term investors showed renewed interest in the third-largest cryptocurrency after five days, as per reports from the analytics firm CoinGlass.
$84 Million XRP Withdrawals from Exchanges
Data from on-chain analysis showed a significant outflow of $84.41 million in XRP from exchanges within the past 24 hours. Such substantial outflows suggest potential accumulation, hinting at a prime buying opportunity that could trigger significant buying pressure and a subsequent bullish surge.
68% of Leading XRP Traders Take Long Positions on Binance
Aside from sustained accumulation by long-term holders, traders on Binance have shown considerable support for XRP. The XRP/USDT Long/Short ratio on Binance currently stands at 2.17, indicating a strong preference for long positions over short positions.
Data also reveals that 68.4% of top XRP traders on Binance hold long positions, while 31.6% hold short positions.
Analysis of XRP’s Price Movement and Key Thresholds
According to CryptoCrypto’s technical analysis, XRP is presently undergoing a minor correction post a 30% uptrend triggered by a breakout from its bullish flag and pole pattern.
Considering its recent performance, there is a high likelihood that XRP could surge by 45% to reach the $4.5 price level.
By amalgamating real-time price movements with on-chain data, it appears that bullish sentiment strongly prevails for XRP, potentially driving the altcoin towards its projected targets in the coming days.