Ripple
Can XRP hit $1 on the back of Bitcoin’s price movement?
The sentiment around XRP has been positive in the last 24 hours, but the cash inflow has yet to reflect that.
- XRP sees over 3% rise in 24 hours.
- Buyers have become more aggressive with the growing funding rate.
XRP followed the broader market in its recent price trend. Moreover, its most recent movement proved sufficient to propel it above a crucial threshold in a significant metric.
XRP pushes above neutral line
The recent price trend of XRP has shown improvement, recovering from the decline it experienced a few weeks ago when it dropped below the $0.6 level.
Over the last two days, XRP initiated a rally, leading to a higher price compared to previous weeks. As of the close of trading on 13th February, it had increased by 2.45%, reaching around $0.53.
Source: Trading View
A noteworthy aspect of this movement was its impact on the asset’s Relative Strength Index (RSI), pushing it above the neutral line. Previously, XRP had remained below the neutral line since around December, occasionally briefly crossing above it.
At the time of writing, the upward momentum in price continued, reflecting a 1.75% increase, and XRP was trading at around $0.54. The RSI also continued its upward trajectory above the neutral line, indicating a bullish trend.
However, despite these positive trends, the price had yet to surpass its short Moving Average (yellow line). It still acted as resistance at around the $0.55 price level.
How XRP supply in profit responded
The recent uptrend in XRP’s price had a notable effect on the total supply in profit. Examining the supply in profit through the Santiment chart showed a decline in the previous months, reaching its lowest point in months on 1st February.
The number decreased from over 80 billion to about 75 billion.
Subsequently, it began experiencing uptrends, and the recent surge added two billion between 12th February and the present date.
At the time of writing, the total supply in profit was over 82 billion. This indicated that over 82% of the total XRP supply was currently in profit.
XRP supply in profit
Funding rate shows positive sentiment
Examining the XRP funding rate on Coinglass showed that buyers have become more aggressive recently. The chart showed a rise in the funding rate to around 0.029 at the time of this writing, marking the first occurrence in weeks.
Source: Coinglass
How much are 1,10,100 XRPs worth today
This indicated an increasing interest from buyers and a growing sentiment in the market.
While substantial cash inflows are yet to commence, as evidenced by the Open Interest, signs of a hike were noticeable at the time of writing. Especially with the Open Interest climbing to around $634 million.
