XRP price action sparks renewed interest in the crypto market

The price of XRP seems to be sparking renewed interest in the crypto market. This is mainly driven by an overall bullish market sentiment and increased activity on Binance.

The price of XRP seems to be sparking renewed interest in the crypto market. This is mainly driven by an overall bullish market sentiment and increased activity on Binance.

Crypto traders are heavily betting on XRP

On the crypto exchange Binance, more than 70% of positions on the XRP/USDT perpetual market are long positions. This signal indicates strong bullish anticipation from cryptocurrency investors.

Another fact reported by data from Coinglass: the proportion of long positions remains high even during drops in XRP’s price. They often exceed 60%. This reflects a confident market sentiment, where every dip is seen as a buying opportunity.

Admittedly, a slight rise in short positions caused some doubt around May 19. However, crypto traders quickly returned to buying.

Finally, and importantly, the long/short ratio also recovered, demonstrating the typical resilience of a bullish market. This dynamic could signal a new bounce for the XRP crypto asset, especially if technical signals remain positive.

Active XRP addresses reveal strong volatility in the crypto network

Alongside the bullish trend of crypto traders, XRP network activity remains unstable. According to Glassnode, active addresses ranged from 38,000 to over 44,000 between May 12 and May 17. Currently, they have dropped below 30,000.

This flow highlights some nervousness within the crypto community, potentially linked to fluctuations in the XRP price. However, this sudden spike in addresses might also be interpreted as a temporary resurgence of interest from users or institutional investors.

At the time of writing this article, the XRP token is trading at $2.08. It thus records a 1.28% increase over 24 hours.

Despite optimistic signals about XRP, the future of this crypto asset remains uncertain. Traders will need to stay vigilant against persistent volatility in the crypto markets.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)