The price of XRP has not been particularly impressive over the past week, despite the bullish momentum in the cryptocurrency market. According to the latest on-chain data, the altcoin may be on the cusp of surpassing this period of slow price action, with A potential breakout is on the cards.
Taking the percentage of buying pips into an intense accumulation on Binance
In a recent Quicktake post on the CryptoQuant platform, CryptoOnchain market analyst said supposed That there could soon be a major shift in XRP price momentum. This optimistic forecast is based on changes in the buy/sell ratio of XRP recipients on the Binance exchange.
The beneficiary buy ratio measures how much trading volume on an exchange (in this case, Binance) comes from buyers aggressively purchasing XRP at the market price (sell orders). On the other hand, the Buy/Sell Ratio measures how much trading volume comes from sellers selling aggressively at the market price (hitting buy orders) – with the Buy/Sell ratio comparing these two results.
According to CryptoOnchain, the 100-day simple moving average of the buy/sell ratio has seen a significant rise, recently reaching an all-time historical high. By highlighting, specifically, the 30-day simple moving average of Taker’s buy ratio, the cryptocurrency expert pointed out an impressive expansion to 0.495.
At the same time, the Take Ratio faced the opposite trend, as the indicator slowly declined until it reached 0.505. When the recipient’s selling ratio decreases, it indicates that fewer sellers are distributing their holdings.
In contrast, an increasing buy ratio indicates that more traders are aggressively buying tokens (XRP, in this scenario). Together, these two readings show that aggressive buyers in the XRP market are increasingly accumulating tokens distributed by sellers.
Notably, CryptoOnchain explained that this behavior often preceded it Continuing bullish price momentum In the near term. Thus, if historical patterns are anything to go by, the XRP price could soon see another push to continue last Tuesday’s move.
XRP Market Overview
As of this writing, XRP price stands at around $1.36, with no significant movement in the past day. While XRP boasts a 3.3% jump on the weekly time frame, the cryptocurrency has fallen 0.9% in the past 30 days.
According to data from SoSoValue, US XRP Spot ETFs recorded a total net inflow of $11.5 million last week. However, interestingly, there were two instances – April 6 and April 8 – where XRP Spot ETFs recorded $0 in daily net flows during this period.
