The XRP price wasn’t particularly impressive over the past week, despite a bullish momentum into the crypto market. According to the latest on-chain data, the altcoin might be about to put this period of sluggish price action behind it, with a potential breakout on the cards.
Taker Buy Ratio Points To Intense Accumulation On Binance
In a recent Quicktake post on the CryptoQuant platform, market analyst CryptoOnchain hypothesized that there could soon be a significant shift in XRP’s price momentum. This optimistic projection is based on the changes in the XRP Taker Buy/Sell Ratio on the Binance exchange.
The Taker Buy Ratio measures how much of the trading volume on an exchange (in this case, Binance) comes from buyers aggressively buying XRP at market price (sell orders). On the other hand, the Taker Sell Ratio measures how much of the trading volume comes from sellers aggressively selling at market price (hitting buy orders) — with the Buy/Sell ratio comparing these two.
According to CryptoOnchain, the 100-day simple moving average of the Taker Buy/Sell ratio witnessed a significant surge, recently reaching a historic all-time high. Highlighting, specifically, the 30-day SMA of the Taker Buy ratio, the crypto pundit cited an impressive expansion up to 0.495.
At the same time, the Taker Sell ratio has faced the opposite direction, with the index slowly falling until it reached 0.505. When the Taker Sell ratio falls, it signifies that fewer sellers are distributing their holdings.
Contrarily, a rising Taker Buy ratio indicates that more traders are aggressively buying a token (XRP, in this scenario). Taken together, these two readings make it apparent that the aggressive buyers in the XRP market are increasingly accumulating tokens being distributed by the sellers.
Notably, CryptoOnchain explained that this behavior has often preceded sustained bullish price momentum in the near-term. Hence, if historical patterns were anything to go by, the XRP price could soon see yet another boost to continue last Tuesday’s move.
XRP Market Overview
As of this writing, the XRP price stands at around the $1.36 level, with no significant movement in the past day. While XRP boasts a 3.3% jump on the weekly timeframe, the cryptocurrency is down by 0.9% in the past 30 days.
Per data from SoSoValue, US XRP Spot ETFs recorded a total net inflow of $11.5 million in the past week. Interestingly, however, there were two instances – April 6th and April 8th – where the XRP Spot ETFs recorded $0 in daily net inflows within this period.
Source: https://www.newsbtc.com/xrp-news/binance-data-reveals-aggressive-xrp-accumulation/
