XRP surges 21%, but THESE clusters hints at a short-term dip to...

Market indicators and price movement show that XRP has a potential free path to rally. Demand in the spot market has also been growing week over week. Ripple [XRP] has followed the broader crypto market trend, recording a gain of 21% in the past week and rising 3.43% in the past 24 hours. Market sentiment shows that while selling activity remains high, buyers are stepping up to counteract its impact on price. Sellers get absorbed by buyers Recent market analysis by CryptoQuant suggests that selling pressure is growing as XRP’s Taker Buy/Sell Ratio slides lower. A drop in this ratio below 1 implies that the broader derivatives market is selling. At press time, XRP had a reading of 0.9361, indicating more sellers than buyers. Source: CryptoQuant However, this high selling volume hasn’t reflected in price movement, as it continues to rise. According to the analysis, Binance traders have been actively driving the rise in XRP’s price. At the time of writing, XRP’s Open Interest on Binance had risen from a low of $530 million to a current high of $1.5 billion. Market bias among Binance traders was determined using the funding rate. The Funding Rate didn’t give a potential direction, as the market remains undecided with a neutral reading. Source: CryptoQuant An analysis of the funding fee provides insight into traders’ actions. Despite rising short positions, the funding rate continues to drop, signaling a market squeeze. AMBCrypto’s review of Binance’s Taker Buy/Sell Ratio confirms a bullish trend. At press time , the ratio stood at 3.3497, showing that buyers remain in control despite increasing short contracts. If Binance traders sustain or boost their buying volume, XRP could be set for a significant move soon. Retail spot traders aren’t left out Spot retail traders are also participating in the current market move and have contributed to XRP’s rally. In the past 24 hours alone, this group of traders has purchased $17.06 million worth of XRP, bringing the past week’s total purchases to $94.41 million. While these activities are predominantly bullish, liquidity clusters suggest a slight decline to the $2.50 region could occur. Source: Coinglass At that level, unfilled orders remain, and price often moves toward such zones. A dip to $2.50 would be minimal, given that XRP is currently trading at $2.58—a slight $0.08 decline. From these cluster levels, price typically rebounds, maintaining its bullish momentum. Source: https://ambcrypto.com/xrp-surges-21-but-these-clusters-hints-at-a-short-term-dip-to/