Key Takeaways
Why are traders bullish on Ripple?
XRP held $2.94 Fibonacci support, with a Binance Long/Short Ratio at 3.34 and 76.94% traders positioned long.
What signals support further upside for the XRP price?
Exchange outflows hit $66.84 million in 48 hours, suggesting accumulation, while RSI at 54 and EMA support favor a potential rally toward $3.64.
With a 2.50% price uptick, Ripple [XRP] maintained its upside momentum by sustaining its recent breakout.
Meanwhile, growing bullish sentiment among investors and traders pointed to a potential reversal from the current level.
At press time, XRP traded near $3.03, up 2.50% over 24 hours. Market participation fell, with volume down 4.75% from the previous day.
Still, the altcoin’s resilience at these levels sets the stage for what could be a decisive move in the sessions ahead.
XRP: Upcoming levels to watch
According to AMBCrypto’s technical analysis, XRP had successfully retested its descending trendline breakout at the 50% Fibonacci Retracement level at $2.95, suggesting a potential reversal.
Source: TradingView
On the daily chart, this retracement level appeared to be a local support for the XRP token. Holding above may open a 22% upside toward $3.64.
On the other hand, if the altcoin fails to hold above the $2.95 level, a notable dip could follow.
At press time, both the 50-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI) supported the market trend.
In fact, the 50 EMA also acted as a strong support for the altcoin, as can be observed in the chart.
Meanwhile, the RSI stood at 54, signaling XRP was neither overbought nor oversold. A rise in buying pressure could tilt momentum further bullish.
Derivatives lean heavy on longs
Given the market sentiment, investors and traders appear bullish as they continue accumulating and betting on long positions.
CoinGlass data revealed that the Binance XRPUSDT Long/Short Ratio hit 3.34. Nearly 77% of top traders held long positions, while 23% were short.
Source: CoinGlass
The major liquidation levels, where traders are over-leveraged, stood at $2.932 on the lower side and $3.048 on the upper side.
At these levels, traders built $70.18 million worth of long positions and $50.34 million in short positions.
Adding to the bullish strength, data on Spot Inflows and Outflows revealed that over $54.21 million worth of XRP had left exchanges in the past 48 hours.
This substantial outflow suggests potential accumulation and could trigger an upside rally.
Source: CoinGlass
This makes it clear that traders’ outlook for XRP is bullish, with bulls dominating the market.