Movement

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/binance-moves-significant-ripple-tokens" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance Moves Significant Ripple Tokens</a><br></p>
<p style="text-align: justify">On Tuesday, a major event unfolded as Binance received a substantial transfer of Ripple (<a href="https://en.bitcoinhaber.net/investors-monitor-xrps-critical-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a>) tokens. Contrary to investor expectations of a price drop, this transfer did not cause any significant price fluctuations. Instead, XRP’s price saw a modest 1% rise in the following 24 hours.</p>
<h2 id="why-did-xrp-price-remain-stable">Why Did XRP Price Remain Stable?</h2>
<p style="text-align: justify">On August 20, a transfer of 33 million XRP tokens, valued at around $20 million, was made to a Binance wallet. While such large-scale transfers typically exert selling pressure, leading to potential price drops, XRP’s price initially remained stable and then experienced a slight increase of 1%.</p>
<p style="text-align: justify">Currently, XRP is trading just under $0.60, at $0.5992. The positive funding rate across cryptocurrency exchanges for XRP, standing at 0.0045%, suggests that futures traders are predominantly holding long positions.</p>
<h2 id="how-is-xrp-performing-in-the-futures-market">How Is XRP Performing in the Futures Market?</h2>
<p style="text-align: justify">Notably, there has been a significant rise in XRP’s open interest in futures contracts over the past day. Data from Coinglass indicates that open interest has reached $667 million, signaling increased investor engagement and market liquidity.</p>
<p style="text-align: justify">Open interest in futures contracts measures the number of outstanding contracts yet to be settled. An increase in this metric implies that more <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> are entering the market, contributing to overall market liquidity.</p>
<h2 id="investment-insights">Investment Insights</h2>
<ul>
 <li>The 33 million XRP transfer did not trigger a sell-off.</li>
 <li>XRP’s price saw a slight increase despite initial stability.</li>
 <li>Positive funding rates indicate strong long positions in XRP futures.</li>
 <li>Open interest in XRP futures contracts has surged significantly.</li>
</ul>
<p style="text-align: justify">XRP has experienced a 5% increase over the past week, with technical indicators suggesting further potential gains. Analysis of the 12-hour chart reveals a positive market outlook, indicating that the altcoin may continue its upward trajectory.</p>
<p style="text-align: justify">The Directional Movement Index (DMI) shows the positive indicator (+DI) above the negative indicator (-DI), reflecting a strengthening market uptrend. Additionally, the Relative Strength Index (RSI) stands at 58.15, highlighting increasing buying pressure. If the upward momentum persists, XRP’s price could rise to $0.61. Conversely, a reversal could see the price drop to $0.57.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/binance-moves-significant-ripple-tokens" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance Moves Significant Ripple Tokens</a></h5>

Binance Moves Significant Ripple Tokens

Table of Contents

BH NEWS

Other articles published on Aug 22, 2024

Marathon Digital Acquires $249M in Bitcoin Following $300M Senior Note Offering

FERC Rejects Basin Electric’s Cryptocurrency Mining Rate Proposal, Citing Lack of Justification

What is Story Protocol?

Bitcoin Exchange Coinbase Announces EURO Conversion! Here Are the Details

Hege Price Prediction: HEGE Soars 86% As This PEPE 2.0 Presale Rockets Towards $10 Million

XRP News: Could XRP Skyrocket to $200? Analyst Sees Massive Gains Ahead!

Join our free newsletter for daily crypto updates!