Token

Movement

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/binance-transfers-large-amount-of-ripple-tokens/" data-wpel-link="internal">Binance Transfers Large Amount of Ripple Tokens</a> 
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 <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>‘ 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. 
<h2 style="text-align: justify" id="ripple-remains-steady-aiming-for-new-price-high">Ripple Remains Steady, Aiming for New Price High</h2> 
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 <a href="https://en.coin-turk.com/ftx-to-sell-majority-stake-in-ai-firm-anthropic/" data-wpel-link="internal">cryptocurrency exchanges</a> for XRP reflects that futures traders are consistently positioned long, with the current funding rate at 0.0045%. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-382199" src="https://coin-turk.com/wp-content/uploads/2024/08/xrp-grafik-gorunum-3-coin-turk-com.png" alt="" width="489" height="129"> 
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. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-382200" src="https://coin-turk.com/wp-content/uploads/2024/08/xrp-2-grafik-coin-turk-com.png" alt="" width="492" height="140"> 
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. 
<h2 style="text-align: justify" id="xrp-price-prediction-token-demand-remains-high">XRP Price Prediction: Token Demand Remains High</h2> 
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. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-382201" src="https://coin-turk.com/wp-content/uploads/2024/08/xrp-1-grafik-coin-turk-com.png" alt="" width="485" height="222"> 
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. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/binance-transfers-large-amount-of-ripple-tokens/" data-wpel-link="internal">Binance Transfers Large Amount of Ripple Tokens</a></h5>
The post <a href="https://en.coin-turk.com/binance-transfers-large-amount-of-ripple-tokens/" data-wpel-link="internal">Binance Transfers Large Amount of Ripple Tokens</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Binance Transfers Large Amount of Ripple Tokens

Table of Contents

COINTURK NEWS

Other articles published on Aug 22, 2024

War of rides: Nigerians and South Africans launch fake orders on Bolt and Uber app

Franklin Templeton and Grayscale Shake Up Crypto: Massive Moves to Avalanche and AVAX Trust Launch!

Trump Endorses Bitcoin! Is This the End of Traditional Banking?

SEC Halts Submission of 19b-4 Form for Solana ETF Amid Security Classification Concerns

Bitunix Announces Major Security Upgrade: $5 Million Insurance Backed by UK-Based Security Partner

Conflux and China Mobile’s Migu Debut World’s First Blockchain-Based Video Ringtone

Join our free newsletter for daily crypto updates!