The recent accumulation of 320 million XRP tokens indicates intensified demand by high-value investors, potentially limiting liquidity on exchanges. This large buying activity could pave the way for XRP’s near-term price movements.
XRP is currently trading around 3.25 USD, with a cup-and-handle formation suggesting consolidation before a breakout. The Relative Strength Index stands at 57.28, signaling room for upward movement, raising expectations of crossing the 3.50 USD mark.
On Binance, 85.33% of positions in the XRP derivatives market are long, indicating strong trader confidence. Along with a rise in Open Interest to 3.1451 billion USD, these factors point towards an optimistic market outlook.
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