The price of XRP hasn’t been particularly impressive over the past week, despite the bullish momentum in the cryptocurrency market. According to the latest on-chain data, the altcoin may soon end its period of sluggish price action, with a potential breakout.
Taker Buy Ratio points for intense accumulation on Binance
In a recent Quicktake post on the CryptoQuant platform, a CryptoOnchain market analyst hypothetically that there may soon be a significant change in XRP price dynamics. This hopeful forecast is based on changes in the XRP Taker buy/sell ratio on the Binance exchange.
Taker Buy Ratio measures how much of the trading volume on an exchange (Binance in this case) comes from buyers who aggressively purchase XRP at the market price (sell orders). On the other hand, the taker put ratio measures how much of the trading volume comes from sellers who are selling aggressively at the market price (reaching buy orders) – with the bid/ask ratio comparing the two.
According to CryptoOnchain, Taker’s 100-day elementary moving average of the bid/ask ratio has seen a significant augment, recently reaching an all-time high. Highlighting the Taker Buy ratio’s 30-day SMA in particular, the cryptocurrency expert cited the impressive expansion to 0.495.
At the same time, the Taker Sell indicator moved in the opposite direction, and the index slowly decreased until it reached 0.505. When the Taker Sell rate drops, it means fewer sellers are distributing their shares.
On the other hand, a rising Taker Buy rate indicates that more traders are aggressively buying the token (XRP in this scenario). Taken together, these two readings clearly show that aggressive buyers in the XRP market are increasingly hoarding tokens distributed by sellers.
In particular, CryptoOnchain explained that such behavior often preceded sustained price increases in the compact term. So, if historical patterns are anything to go by, the XRP price could see another surge soon to continue last Tuesday’s move.
XRP market overview
At the time of writing, XRP is trading at around $1.36, with no significant changes over the past day. While XRP boasts a gain of 3.3% on a weekly basis, the cryptocurrency is down 0.9% in the last 30 days.
According to SoSoValue data, U.S. XRP Spot ETFs recorded total net inflows of $11.5 million last week. Interestingly, however, there were two instances – on April 6 and April 8 – where the XRP Spot ETFs recorded $0 in daily net inflows during this period.
