Ripple (XRP) is making significant strides in the cryptocurrency market, with recent on-chain data highlighting a shift in behavior among long-term holders (LTHs). According to insights from Glassnode, the metric known as ‘liveliness’—which tracks the activity of dormant coins—has decreased by 1% from June 5 to June 8, indicating that seasoned investors are choosing to hold rather than sell.
This trend points to bullish accumulation, suggesting that the recent increase in XRP's price may be more than just a temporary blip. Supporting this sentiment, XRP's Open Interest-Weighted Funding Rate has been consistently positive, hovering at approximately 0.0099%. A positive funding rate signifies strong confidence amongst traders, with many opting for long positions in the derivatives market.
Technical analysis reveals that while XRP is approaching a pivotal test at $2.32, it is currently facing short-term resistance. The Relative Strength Index (RSI) stands at 54.81, which indicates neutral territory, though it is edging closer to overbought conditions. Additionally, a recent crossover in the MACD histogram suggests that there may be further bullish momentum ahead, albeit cautiously.
Traders are now confronted with a decision point: if buyers can reclaim the $2.32 level, the outlook could remain optimistic. Failing to do so might lead XRP into a consolidation phase, warranting close attention to market movements in the forthcoming days.
This trend points to bullish accumulation, suggesting that the recent increase in XRP's price may be more than just a temporary blip. Supporting this sentiment, XRP's Open Interest-Weighted Funding Rate has been consistently positive, hovering at approximately 0.0099%. A positive funding rate signifies strong confidence amongst traders, with many opting for long positions in the derivatives market.
Technical analysis reveals that while XRP is approaching a pivotal test at $2.32, it is currently facing short-term resistance. The Relative Strength Index (RSI) stands at 54.81, which indicates neutral territory, though it is edging closer to overbought conditions. Additionally, a recent crossover in the MACD histogram suggests that there may be further bullish momentum ahead, albeit cautiously.
Traders are now confronted with a decision point: if buyers can reclaim the $2.32 level, the outlook could remain optimistic. Failing to do so might lead XRP into a consolidation phase, warranting close attention to market movements in the forthcoming days.
