• XRP was 12.28% higher than what it was a week before as of press time.
• Buying pressure for XRP trumped the selling pressure.

The world’s fifth-largest crypto by market cap Ripple [XRP] witnessed the most profitable rally in the last 24 hours of trading since the August crash, rising to nearly $0.58, according to CoinMarketCap.

As traders locked in gains, the rally was halted and XRP retraced to $0.55 at the time of writing. Nonetheless, the payment-focused crypto was 12.28% higher than what it was a week before.

Is your portfolio green? Check out the XRP Profit Calculator

Bullish sentiment for XRP

Apparently, the market was more interested in buying XRPs than selling, as evidenced by the positive reading of Hyblock Capital’s Volume Delta metric.

Note that Volume Delta is the difference between buying and selling pressure. Traders usually take a cue from this metric to add conviction to their trading positions. With buying sentiment being dominant, long-position traders entered the market.

Whales join the party

XRP’s price rise was followed by surge in accumulation by large XRP whales. Data from blockchain analytics firm Santiment showed that the cohort hoarding between 10 million and 1 billion tokens added aggressively to their positions since the start of the week.

In fact, the combined XRP holdings of the cohort jumped to a whopping 16.24 billion.

Go to Source to See Full Article
Author: Aniket Verma

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