XRP Price Renewed Bullish Push After the Sell-Off in July and Early August Keeps the Dream for a $1 Rally Alive

While Bitcoin and Ethereum struggle to maintain recent gains, the cross-border remittance token continues to exhibit bullish momentum among altcoins

XRP price displayed resilience against the broader market downturn in July and early August, setting itself apart from Bitcoin and Ethereum. While both BTC and ETH prices encountered difficulties in sustaining recent gains, XRP price maintained a bullish trajectory.

The cross-border remittance token stood out with its sustained buying activity, evident in the rising buying pressure and robust derivatives indicators. These factors hinted at strong investor interest and confidence in XRP price. This unique combination often suggested possible upward movement bucked by increased demand for the token and speculative activity.

XRP Price Market Movers: Rising Buying Activity and Robust Futures Market

As highlighted by Santiment’s supply distribution metric, addresses holding between 10,000 and 100,000 XRP currently account for 11.32% of the total network supply, up from 11.25% on August 2. This indicated a shift in buying activity toward larger addresses.

Moreover, addresses with between 1 million and 10 million XRP took advantage of the correction to $0.42 and increased their cumulative holdings to 6.3%.

The derivatives market also made a strong comeback, with the XRP futures open interest surging 3.43% to $671 million. Based on Coinglass data, trading volume jumped 30% to 2.14 billion in addition to a 36% increase in the options open interest to $648 million.

Rising buying activity and robust derivatives indicators often hinted at strong investor interest and confidence in Ripple price. This unique combination often suggests possible upward movement bucked by increased demand for the token and speculative activity.

Ripple Price Analysis: Gearing Up For Another Move

XRP price encountered resistance at $0.62 earlier today, leading to a minor correction. However, the token found support above the 20-day Exponential Moving Average (EMA).

At the time of analysis, XRP price hovered at $0.5971, displaying potential for a bigger leg up above $0.6. The SuperTrend flip below XRP signaled a potential bullish trend reversal. Traders viewed this as a buying opportunity, expecting the uptrend to gain momentum in the near future.

The above is the detailed content of XRP Price Renewed Bullish Push After the Sell-Off in July and Early August Keeps the Dream for a $1 Rally Alive. For more information, please follow other related articles on the PHP Chinese website!