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On Tuesday, a significant development occurred with the transfer of a notable amount of Ripple (XRP) tokens to the Binance exchange. However, contrary to many investors‘ expectations of a sell-off, this XRP transfer had no impact on prices. XRP’s recent price movement was a relatively weak 1% increase within 24 hours.
Ripple Remains Steady, Aiming for New Price High
On August 20, the transfer of 33 million XRP tokens, worth approximately $20 million, to a Binance wallet did not go unnoticed. Generally, such market-oriented transfers can create selling pressure and trigger a decline. However, this time, the price initially remained stable and then increased by 1%.
Following this price movement, XRP’s value stands just below $0.60 at $0.5992. The positive funding rate in cryptocurrency exchanges for XRP reflects that futures traders are consistently positioned long, with the current funding rate at 0.0045%.
Moreover, there has been a noticeable increase in XRP’s open interest in futures contracts over the past 24 hours. According to Coinglass, this metric currently stands at $667 million.
The open interest in a futures contract tracks the number of outstanding futures contracts that have not yet been settled. When this rate increases, it indicates that more investors are entering the market and contributing to liquidity.
XRP Price Prediction: Token Demand Remains High
XRP has seen a 5% increase over the past 7 days, and technical indicators suggest further gains are possible. A 12-hour chart analysis shows that the altcoin could continue its upward trend, influenced by the positive market outlook.
Currently, the Directional Movement Index (DMI) shows the positive indicator (+DI) remaining above the negative indicator (-DI), indicating an upward trend. This overall chart pattern reflects a strengthening market uptrend driven by strong buying pressure.
Another indicator reflecting positivity for XRP is the Relative Strength Index (RSI). XRP’s RSI value is 58.15, indicating increasing buying pressure with its upward trend.
If the upward trend in XRP continues, the price could climb to $0.61. However, if the trend reverses, the price could drop to $0.57.
