- XRP’s Futures Open Interest has shown positive growth of 2.3% over the past four hours.
- XRP’s OI-Weighted Funding Rate indicated that traders were bullish as long positions paid for short positions.
In the ongoing sideways cryptocurrency market, XRP traders on Binance appeared bullish as they significantly increased their long positions over the past four hours up to the time of writing.
According to on-chain analytics firm Coinglass, 76.54% of Binance traders went long on the XRPUSDT pair, while 23.46% favored short positions.
Binance traders go long on XRP
This significant long position on Binance suggested that traders were optimistic about XRP’s price appreciation in the coming days.
However, this gamble on the notable long position occurred as XRP struggled to gain momentum near the strong support level at $0.52.
Source: Coinglass
At the time of writing, XRP was trading around $0.529 and was down 0.65% in the last 24 hours.
Meanwhile, traders and investors remained reluctant to participate as trading volume fell by 50% compared to the day before.
XRP’s bullish on-chain metrics
Despite the fear in the market, XRP’s Futures Open Interest has shown positive growth of 2.3% over the past four hours. This indicated that traders’ bets are increasing, which could be a bullish signal for XRP holders.
At this time, the key liquidation levels were $0.519 on the downside and $0.541 on the upside, with traders over-indebted at these levels, according to Coinglass data.
Source: Coinglass
If market sentiment turns negative and the price of XRP falls below the $0.519 level, long positions worth nearly $10.21 million will be liquidated.
Conversely, if sentiment improves and the price rises to the $0.541 level, short positions worth approximately $8 million will be liquidated.
However, another on-chain metric supporting this bullish outlook was XRP’s Open Interest (OI)-Weighted Funding Rate, which stood at +0.0097% at the time of writing.
A positive funding rate indicated that traders were bullish as long positions pay for short positions.
Combining the data from the Long/Short Ratio, Futures Open Interest, Liquidation Levels and Funding Rate, it appeared that bulls were currently dominating the assets, with the expectation that prices will rise.
XRP Technical Analysis and Key Levels
According to AMBCrypto’s technical analysis, XRP has been consolidating within a tight range between $0.518 and $0.545 over the past three days, close to the crucial support level of $0.52.
However, a breakout from this consolidation zone will determine the next move in the price of XRP.
Source: TradingView
Read XRP’s 2024-2025 Price Prediction
Based on the historical price momentum, if XRP breaks the zone and closes a daily candle above the $0.545 level, there is a strong possibility that it could rise 17% to reach the $0.65 level.
Conversely, if XRP crosses the lower bound of the consolidation zone and closes a daily candle below $0.515, it could fall 12% to $0.455 in the coming days.