XRP Has Been The Top Traded Altcoin On Binance This Month

In a new CryptoQuant Quicktake post, community analyst Maartunn has talked about how the altcoins currently compare against each other based on their monthly Binance futures trading volumes.

The “trading volume” here refers to an indicator that keeps track of the total amount of a given asset that’s becoming involved in trading on a centralized exchange. In the context of the current topic, the platform is Binance.

Below is the chart shared by the analyst that shows the trend in the monthly value of this metric for various top altcoins in the sector.

From the graph, it’s apparent that during most months of this year, Solana (SOL) dominated the trading volume on the exchange. A shift has occurred in the market during the past couple of months, however, as SOL has lost its number one spot.

Last month, it was Dogecoin (DOGE) that managed to surpass the asset to become the number one altcoin in this metric, while this month, XRP has overtaken both of them.

So far, XRP has seen trading volume amounting to $116.6 billion on the exchange. This value is also certain to go even higher, as this month of December still has one-third of the way to go.

While Binance doesn’t make up for the entire sector, the exchange is still the largest in terms of volume, so the trend on there can be representative of the wider market. “It’s important to track the top-traded coins on Binance, as they should be your main focus when trading altcoins,” notes Maartunn.

During the last couple of days, the entire cryptocurrency sector has witnessed a crash. Based on the monthly Binance volume, though, the analyst says, “XRP seems to be one that could recover quickly.”

In some other news, the market plummet in the last 24 hours has meant that the derivatives side of the cryptocurrency sector has registered a massive amount of liquidations, according to data from CoinGlass.

Out of the $1.40 billion liquidations that have occurred inside this window, XRP-related contracts seem to have contributed for around $42 million, as the below heatmap shows.

Interestingly, Dogecoin and Solana appear to have seen a larger flush than XRP. This may be down to the fact that both of these assets have also witnessed a deeper price drawdown.

XRP Price

During the latest crash, XRP briefly slipped under the $2.0 level, but it seems the coin has managed to recover back above the mark for now as its price is trading around $2.1.

Four Altcoins Are Seeing A Buy Signal On The TD Sequential

In a new post on X, analyst Ali Martinez has talked about the TD Sequential signal that four different altcoins have seen on their 4-hour charts. The “TD Sequential” is an indicator from technical analysis (TA) used to locate probable turnaround points in a given asset’s price.

The indicator involves two phases: the setup and countdown. During the first of these the setup, candles of the same color are counted up to nine. The nine candles don’t have to be consecutive.

Once the counter hits nine, the setup is said to be complete, and the price could be assumed to have reached a reversal location. If the candles leading up to the setup’s completion were green, the TD Sequential would imply a top for the asset. Similarly, if they were red, the indicator would suggest a change of direction to the upside.

The second phase, the countdown, begins as soon as the setup is over. This phase of the indicator works in the same manner, save for the fact that candles are meant to be counted up to thirteen instead this time. After the thirteen candles of the same polarity, another potential top or bottom could be considered to have been reached by the asset.

Now, here are the charts shared by Martinez that show the completion of the TD Sequential phase of the first type for four altcoins: XRP (XRP), Solana (SOL), Maker (MKR), and Worldcoin (WLD).

As is visible in the above graph, the four-hour prices of XRP, Solana, Maker, and Worldcoin have all completed a TD Sequential setup with nine red candles. This naturally means the indicator gives a buy signal for these altcoins.

The pattern has taken shape as assets across the cryptocurrency sector have crashed following the US Federal Reserve taking a cautious approach towards further interest rate cuts.

If the TD Sequential is anything to go by, at least XRP and the other altcoins may be set to see some renewal of bullish momentum shortly.

XRP Price

XRP slipped as low as under $2.18 during the crash earlier in the past day, but the coin appears to have seen a small rebound since then, as its price is now trading around the $2.31 mark.

Below is a chart that shows how the asset’s performance has looked over the last few days.

Currently trading at $2.21, the XRP price has recorded a nearly 5% gain in the past 24 hours, finding strong support just below its current price.

This positions the token favorably for continued upward momentum, particularly since it began an upward trend on November 5, bolstered by President-elect Donald Trump’s re-election.

$10.82 Target For The XRP Price Following Historical Patterns

Interestingly, analysts are increasingly optimistic about the XRP price, especially considering a key technical indicator: the Bollinger Bands. This volatility indicator, which consists of a moving average and upper and lower bands, is currently tightening on the 12-hour chart.Ā 

Analyst Steph has noted that the last time the Bollinger Bands exhibited such a pattern, the XRP price experienced a staggering 490% price explosion.Ā 

If history repeats itself, this could propel XRP to a new all-time high of $10.82, significantly surpassing its previous record of $3.40 set in January 2018, according to the analyst.

Adding to the bullish sentiment, another analyst known as Javon on X (formerly Twitter) has pointed out that XRP’s last full bull cycle saw an increase of over 600%.Ā The analyst suggests that if the XRP price performs similarly, it could rise dramatically, potentially exceeding 6,800% to reach approximately $168.Ā 

This projection hinges on the price moving above the 2.414 Fibonacci Extension level, which was valued at $3,06 during the previous cycle. However, some analysts are adopting a more conservative outlook.Ā 

Key Levels At $2.42 And $2.92 In Focus

DarkDefender has noted a clear break on the daily chart, predicting that the XRP priceĀ  could retest the $2.42 level before breaking through $2.92. Should it surpass this threshold, targets of $3.43 and $5.85 could be in sight.Ā 

DarkDefender had recently targeted $2.72, which the XRP price had successfully bounced back from, reaffirming the validity of his analysis.

Despite differing views on the potential extent of the surge, consensus among analysts is that the XRP price is likely to reach a new all-time high in the coming months. This optimism is further strengthened by the possibility of regulatory changes under the incoming Trump administration.Ā 

The President-elect has promised a new regulatory framework for digital assets in the United States, which could pave the way for resolving the prolonged legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) which previously stifled the XRP price, leading to a lengthy period of consolidation.

Featured image from DALL-E, chart from TradingView.com

XRP Has Been Consolidating Inside A Bull Flag Recently

In a new post on X, analyst Ali Martinez has talked about how the 4-hour price of XRP has been forming a Bull Flag recently. The “Bull Flag” here refers to a pattern in technical analysis (TA) that, as its name suggests, looks like a flag on a pole.

The pattern forms whenever the asset’s price follows up a sharp uptrend with a period of consolidation towards the downside. The initial upwards move corresponds to the ‘pole,’ while the consolidation period makes up for the ‘flag.’

In flag patterns, this consolidation specifically happens inside a parallel channel. That is, between two parallel trendlines marking successive tops and bottoms in the price. When the trendlines are converging, the pattern is known as a pennant.

The upper level of the flag can be likely to provide resistance to the price, while the lower level may act as support. A break out of either of these trendlines can imply a continuation of trend in that direction.

A bull flag is considered to be a continuation pattern, so the probability of a breakout happening above the resistance level may be higher than that of the support line failing.

Like the bull flag, there is also a pattern called the bear flag. This one works much in the same way, except for the fact that the pole is made by a sharp move down and the flag represents a brief phase of consolidation towards the upside.

Now, here is the chart shared by the analyst that shows the bull flag that XRP has recently been traveling inside:

As displayed in the above graph, the 4-hour XRP price has just seen a rise to the upper level of the bull flag consolidation channel. When the same retest occurred a couple of days ago, the asset found rejection, but it’s possible that this might be the time it finds a break.

Martinez has pointed out, however, that the cryptocurrency has witnessed another signal alongside this retest: the completion of a Tom Demark (TD) Sequential sell setup.

The TD Sequential is a TA indicator that basically points out probable locations of tops and bottoms in any asset’s value. It involves two phases, with the first, which is known as the setup, occurring after price observes nine candles of the same color.

XRP has finished this type of TD Sequential phase with nine green candles, meaning that the indicator is now signaling a potential reversal to the downside for the coin.

As such, the analyst thinks a brief correction would happen for the cryptocurrency first, before it manages to find a break above the $0.246 resistance. Bull flag breakouts can be of a similar length as the pole, so based on this, Martinez has chosen the $4 target for XRP.

XRP Price

At the time of writing, XRP is floating around $2.42, up more than 4% over the last seven days.

While most altcoins have posted losses or traded sideways over the same period, and Bitcoin has registered only a modest 0.7% gain, XRPā€™s recent outperformance stands out as a clear anomaly. So, why Is XRP outperforming the crypto market?

#1 Imminent Launch Of Rippleā€™s Stablecoin RLUSD

A key catalyst behind XRPā€™s rally appears to be the imminent launch of Rippleā€™s long-discussed stablecoin, RLUSD. Yesterday, Ripple CEO Brad Garlinghouse confirmed via X that RLUSD had secured a pivotal regulatory approval. He stated: ā€œThis just inā€¦we have final approval from NYDFS for RLUSD! Exchange and partner listings will be live soon ā€?and reminder: when RLUSD is live, youā€™ll hear it from Ripple first.ā€?/p>

RLUSD, currently in beta testing on both the Ethereum network and the XRP Ledger (XRPL), has sparked enthusiasm within the XRP community. Members speculate that the stablecoinā€™s introduction could catalyze increased liquidity and utility for XRP, and the anticipation may be contributing to a surge in speculative interest and so-called ā€?a href="//uniquehot.com/bitcoin-news/bitcoin-nears-100000-market-expert-predicts-200k-surge-amid-retail-fomo-and-volatility/" target="_blank" rel="noopener ">FOMOā€?(fear of missing out).

#2 Strong XRP On-Chain Activity

On-chain analysis from Santiment points to encouraging metrics for XRP. The firm noted that ā€œMean Dollar Invested Age is flashing a bullish signal,ā€?highlighting that younger coin age distributions often precede continued rallies.

According to Santiment, the Mean Age of investment for XRP is 865 days (22% younger in 14 weeks). Thus, activity on the XRP network is increasing, with historically similar patterns not reversing until these key indicators start reversing.

ā€œThis is one of the key indicators throughout the history of each coinā€™s lifespan that helps validate that a bull market can and should continue. The 2017 and 2021 bull markets similarly did not come to a halt until assetsā€?mean ages started going ā€˜upā€?(getting older) again. Though short-term price volatility can continue to be expected, consider this a very valuable bode of confidence if you remain bullish on market prices in the mid and long term,ā€?Santiment states.

From a technical perspective, the XRP price structure remains extremely bullish on the higher time frames. On the daily chart, XRP managed to hold support above the April 2021 high at $1.96, rebounding swiftly towards the 1.272 Fibonacci extension level near $2.42, where it currently hovers. A sustained break above $2.42 could further reinforce the bullish narrative.

Notably, whales recognized the chance and bought the retracement. Crypto analyst Ali Martinez noted via X: ā€œIn the recent dip, whales bought over 100 million XRP!ā€?/p> ]]> 660700 //uniquehot.com/xrp-news/crypto-billion-liquidations-xrp-dogecoin-crashes/ Wed, 11 Dec 2024 05:00:22 +0000 //uniquehot.com/?p=660162 Data shows the cryptocurrency market has registered large liquidations in the past day as altcoins like Dogecoin and XRP have crashed.

Cryptocurrency Derivatives Market Has Just Seen Massive Long Liquidations

According to data from CoinGlass, a mass amount of liquidations have piled up over on the derivatives side of the cryptocurrency sector during the last 24 hours.

“Liquidation” here refers to the forceful closure that any open contract undergoes when its bet fails enough to accumulate losses equal to a certain degree (the exact value of which may differ between platforms).

Below is a table that breaks down the relevant numbers related to the liquidations from the past day.

As is visible, there have been total liquidations of cryptocurrency-related contracts worth a whopping $1.56 billion in the past day. The long holders were involved in an overwhelming majority of this flush, with liquidations associated with them standing at $1.39 billion (almost 90% of the total).

The reason behind the large liquidations is the crash that the altcoin market has faced during this window, with many popular coins like XRP and Dogecoin being down double digits.

It would appear that many traders had set up bullish positions on the market, hoping that the recent momentum led by Bitcoin’s exploration to new highs would continue shortly. BTC has interestingly managed to limit its losses to just 2%, but evidently, the rest of the market hasn’t been so lucky.

As for which of the assets was responsible for the most liquidations, the below heatmap shows it.

Usually, Bitcoin leads the market liquidations, but it appears the second largest cryptocurrency by market cap, Ethereum has instead contributed the most towards the flush with $229 million in positions.

Dogecoin and XRP have followed BTC’s $173 million liquidations with flushes of $88 million and $68 million, respectively. Their large liquidations are likely due to their popularity and the notable scale of drawdown they have seen.

It would also seem that the speculative interest in the sector has been so deep recently that the small cap assets (referred to as ‘others’ in the heatmap) have added up to a massive $496 million liquidation.

Mass liquidation events aren’t particularly rare in the cryptocurrency sector, but today’s flush has been extraordinary even for the market’s standards.

These events happen from time to time because coins across the board generally display notable volatility, and a lot of speculators opt for risky amounts of leverage. These two conditions have been particularly pronounced recently, which is why the derivatives sector has exploded in this fashion.

XRP Price

At the time of writing, XRP is trading around $2.09, down almost 15% in the last seven days.

XRP Has Just Shown Its Third Straight Bull Pennant Pattern

In a new post on X, analyst Ali Martinez has discussed the bull pennant patterns that have formed for XRP recently. The “bull pennant” refers to a formation from technical analysis (TA) that occurs after an asset shows consolidation inside a triangle following a sharp uptrend.

The pattern is made up of two parts: a pole and a ‘pennant.’ The pole corresponds to the initial uptrend in the asset’s price. This is exactly the same kind of structure that precedes the consolidation phase in a “bull flag.”

Where a bull pennant diverges from a bull flag is in terms of how the consolidation of the asset occurs. In a flag, the price moves between two parallel lines, while in a pennant, it’s between two converging trendlines.

The upper line of the pennant is likely to be a source of resistance, meaning tops can probably occur at it. Similarly, the lower line may support the price.

A break out of either of these levels can suggest a continuation of the trend in that direction; escapes above the pennant are bullish, while falls under it can lead to a bearish outcome.

Like the bull pennant, a ‘bear’ pennant can also form in an asset’s price. This pattern works very much like the bull pennant, except for the fact that its pole corresponds to a downtrend instead.

Now, here is the chart shared by the analyst that shows the bull pennant that XRP is traveling inside right now:

As is visible above, XRP attempted a retest of the pennant upper level yesterday, but the asset appears to have found rejection as its price has gone down since then. It’s possible that the coin may find support at the lower level next, which is located at $2.25.

The cryptocurrency is slowly moving towards the apex of the pattern, meaning a break in either direction might be on the cards in the near future. As for which of the two directions is more likely, perhaps history may hold the answer.

From the chart, it’s apparent that this isn’t the first bull pennant that the asset has shown during the past month. Both of the previous two instances ended in the price finding a bullish breakout. Thus, XRP may obtain a similar outcome this time as well.

As for how far the break might take the asset, Ali has mentioned a target of $4.40. This is based on the fact that pennant breakouts are generally of the same length as the pole. “We should all be praying for a retest of $2.25 to buy the dip and target $4.40!” says the analyst.

XRP Price

Following its drawdown during the past day, XRP has plunged to the $2.39 level.

In addition, Securities and Exchange Commission (SEC) Chairman Gary Gensler recently announced his departure effective January 20, which many believe could pave the way for increased adoption and institutional investment in XRP.

This could be achieved through the XRP exchange-traded fund (ETF) market, which is being pursued by asset managers such as Canary Capital, Bitwise, WisdomThree, and 21Shares.Ā 

With the change in leadership at the agency, the odds of approval continue to rise, especially as the pro-crypto nominee to replace Gensler, Paul Atkins, is shaping up to lead the new era of regulation in the country.Ā 

Key Fibonacci Resistance Ahead For XRP

Over the past thirty days, XRP has experienced a remarkable surge of 400%, culminating in a six-year high of $2.91 reached over the past weekend.Ā 

This surge has been further supported by a substantial increase in market capitalization, which has risen by $120 billion in the last three weeks, bringing XRP’s total market cap to approximately $140 billion.

Despite these encouraging trends, crypto analyst DarkDefender has emphasized the importance of monitoring specific price levels in the coming days. In a recent social media post on X (formerly Twitter), he detailed critical Fibonacci levels for XRP.Ā 

The analyst identified $2.92 as a significant Fibonacci resistance level, noting that XRP briefly reached $2.90 before experiencing a ā€œnormal corrective phase.ā€Ā?/p>

DarkDefender highlighted the necessity of holding certain support levels, particularly $2.13 and $1.88, if XRP cannot break through the $2.92 resistance.Ā 

The analyst expects that the token could bounce between these levels for a “few days,” but if the token breaks above $2.92, it could target a new mid-range level of $3.99.Ā This would mean a new all-time high for the token above its current record mark of $3.40, in the scenario that the token rises 59% as expected by DarkDefender.

Trading Volume Surges Past Bitcoin And Ethereum

Adding to the positive outlook, financial analyst Jacob King pointed out a historic milestone for XRP: during the current uptrend, XRP’s trading volume has surpassed the combined volumes of Bitcoin and Ethereum for the first time.Ā 

Over the past 24 hours, XRPā€™s trading volume reached an impressive $2.19 billion, significantly higher than Bitcoin’s $1.6 billion and Ethereum’s $531 million, underscoring the heightened interest from investors in the XRP token.

At the time of writing, the marketā€™s third largest token trades at $2.50, recording a 7% correction in the 24 hour time frame.

Featured image from DALL-E, chart from TradingView.com

Positive Sentiment Vs. Negative Sentiment Ratio Remains Low For Top Coins

According to data from the on-chain analytics firm Santiment, sentiment around digital assets has been low recently, even for the coins that have enjoyed historic runs.

The indicator of relevance here is the “Positive Sentiment Vs. Negative Sentiment Ratio,” which, as its name suggests, tells us about how the positive and negative comments about a given asset being made by social media users currently compare.

This metric sources data from major social media platforms like X, Telegram, Reddit, and 4Chan. It puts these posts/messages/threads containing mentions of the relevant term through a machine-learning model to differentiate between positive and negative ones, and finds the difference in their count.

When the value of this indicator is positive, it means the posts about a positive sentiment outweigh the ones containing a negative sentiment. On the other hand, being negative implies that a bearish mentality is dominant on social media.

Here is a chart showing the recent trend in the Positive Sentiment Vs. Negative Sentiment Ratio for five assets: Bitcoin (BTC), XRP (XRP), Ethereum (ETH), Cardano (ADA), and Stellar (XLM).

As displayed in the above graph, the Positive Sentiment Vs. Negative Sentiment Ratio has remained almost neutral for all these cryptocurrencies recently. This suggests the market isn’t leaning one way or the other.

The trend is interesting, considering XRP, Cardano, and Stellar have seen massive price surges. Generally, positive comments tend to spike when such rallies occur, like they did for Bitcoin early last month when Donald Trump won the US Presidential Elections.

Historically, digital assets have often shown moves opposite to what the crowd expects. This means that a price correction can become probable whenever bullish sentiment grows too big.

Considering that euphoria hasn’t overtaken the investors of XRP and others despite the price surges, it’s possible that their runs could still have room to continue.

The Positive Sentiment Vs. Negative Sentiment Ratio could still be to keep an eye on in the near future, however, as social media sentiment can sometimes flip very quickly, especially if some big news comes out. A spike in the indicator would naturally be a bearish sign for the market.

XRP Price

At the time of writing, XRP is floating around $2.58, up almost 17% over the past seven days.

Ki Young Ju, CEO of on-chain analysis firm CryptoQuant, highlighted that these whales are primarily operating through the US based exchange Coinbase. On December 2, he pointed out that “Coinbase whales are driving this XRP rally,” noting that Coinbase’s minute-level price premium ranged from 3% to 13% during the surge.

In contrast, Upbitā€”a Korean exchange with more XRP investors than Binanceā€”showed no significant premium, suggesting the buying pressure is predominantly originating from the United States.

On his alternative X account (@kate_young_ju), Ki Young Ju hinted at possible insider activity influencing the market dynamics, stating, “Someone knew something.”

Today, he cautioned traders against shorting XRP. ā€œShorting XRP right now seems risky, imo. $25B XRP deposit before the pump might look like market manipulation but could simply be front-running. This insider whale might know something extremely bullish about XRP, such as spot ETF approval,ā€?he speculated.

He further shared a chart ā€œXRP: Retail Activity Through Trading Frequency Surge (Spot & Futures), which indicates that retail trading activity for XRP has surpassed the highs of 2021 and is nearing levels last seen in January 2018, when XRP reached its all-time high of $3.92.

Observing the one-year cumulative volume delta (CVD) of taker buy/sell volume, he remarked: ā€?-year CVD of Taker Buy/Sell Volume for XRP shows a historic rebound. Whales are aggressively using market orders, driving overwhelming demand.ā€?/p>

A 700% Rallye Incoming For XRP Against BTC?

From a technical analysis perspective, crypto analyst Jacob Canfield emphasizes the importance of examining the XRP/BTC pairing. He notes that XRP is currently at a critical resistance zone on the BTC pair chart (XRPBTC), having just reached the $2.75 level on the USDT pairā€”a resistance point since December 2019.

Canfield suggests that a breakout here could signal a potential 240% move back to key resistance zones from 2017, 2018, and 2019. “If we get real FOMO, then we could be setting up for another 700% move to all-time high against Bitcoin,” he commented, acknowledging the “two of the strongest monthly candles for XRP that we’ve seen in over 5 years.”

Looking at shorter time-frames of the XRP/USD pair, Canfield highlights the utility of support and resistance levels to identify new entry points in these time frames. ā€œIn bull markets, you need to use low time frame support/resistance to find new entries. 5 min/15 min are the best. XRP as an example – $2.20 was the clear S/R invalidation. Base of the biggest green candle = base of impulse. Usually the best place to re-enter a trade.ā€?/p>

At press time, XRP traded at $2.63.