XRP Recovers as Sellers Loosen Grip, Bulls Regain Control X
b a t m a n 7
Updated at: 4 hours ago
{"content":"XRP Recovers as Sellers Loosen Grip, Bulls Regain Control
XRP regains $2.40, reflecting cryptocurrency market optimism.
Whales purchase XRP despite volatility, boosting short- to medium-term bullishness.
Retail investors go to derivatives as the XRP Open Interest weighted financing rate rises.
On Thursday, Ripple (XRP) traded over $2.40, indicating a comeback. Despite volatility, institutional and retail interest has surged over the previous two weeks, boosting the positive view.
XRP whales increase risk.
Whales with 1 million to 10 million XRP tokens are buying the token as the price changes. Santiment data suggests this whale cohort bought XRP before the October 10 deleveraging event, which liquidated $19 billion in crypto assets. The whales now possess 12.65% of XRP, up from 12.16% on October 6.
The next whale cohort, with 10 million to 100 million tokens, has grown to 10.07% of the supply from 9.97% on October 8. Since buying pressure outweighs demand, XRP needs steady demand to maintain its climb.
Risk-off attitude following the October 10 sell-off to $1.25 drove the weighted funding rate to -0.2040% on October 11.
A persistent OI Weighted Funding Rate recovery shows traders are taking greater risks and jumping into long positions.
Moving Average Convergence Divergence (MACD) on the same daily chart is nearing a buy signal. As MACD rises, the blue line must cross and settle above the red signal line, urging traders to take more risk.
A sustained break over $2.50 round-number barrier, the 200-day Exponential Moving Average (EMA) at $2.61, and the 50-day EMA at $2.70 might imply profit-taking if XRP exhibits weakness throughout the advance.
A continuous increase would likely prevent a reversal to the next demand level at $2.18, touched last Friday.
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