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

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