The News Crypto -
- 33 million XRP tokens ($20 million) transferred to Binance, minimal market impact.
- XRP price stable at $0.59, with positive funding rates and increased futures open interest.
- Technical indicators suggest potential for further gains, with $0.61 as next target.
Ripple’s XRP has demonstrated remarkable stability in the face of a substantial token transfer to Binance, defying typical market reactions to such events.
The movement of 33 million XRP tokens, valued at approximately $20 million, to a Binance wallet on Tuesday failed to trigger the expected market volatility.
This muted response contrasts sharply with the usual market dynamics surrounding large token transfers to exchanges, which often spark fears of impending sell-offs.
Instead, XRP continues to trade steadily around $0.59, reflecting a level of market maturity and confidence in the token’s fundamentals.
Futures traders appear to share this optimistic outlook, maintaining a bullish stance as evidenced by consistently positive funding rates on cryptocurrency exchanges.
The current funding rate of 0.0045% indicates that long-position holders are paying premiums to maintain their positions, suggesting widespread expectations of further price appreciation.
XRP future open interest surges
Supporting this bullish sentiment, XRP’s futures open interest has surged to $667 million in the last 24 hours, according to data from Coinglass.
This metric, which tracks the total value of outstanding futures contracts, signals increased market participation and liquidity inflow, often preceding majot price movements.
Source: Coinglass
Technical analysis of XRP’s 12-hour chart reinforces the positive outlook. The Directional Movement Index (DMI) currently favors the bulls, with the positive directional indicator (+DI) outpacing its negative counterpart (-DI).
This configuration typically heralds a strengthening uptrend driven by robust buying pressure.
Complementing the DMI, XRP’s Relative Strength Index (RSI) is trending upward at 58.15, indicating growing demand without yet reaching overbought territory.
This RSI level suggests that buying pressure continues to outweigh selling activity, providing further support for the bullish narrative.
Should these favorable conditions persist, XRP appears poised to continue its upward trajectory, with $0.61 emerging as the next key target.
This article was originally published on thenewscrypto.com
