In the past two weeks, XRP has emerged as a standout performer among the top 20 digital assets by capitalization. Bolstered by Ripple Labs’ businesses, the XRP market has rallied over 52% to reach a ten-month high of around $0.58. The surge in XRP’s price was anticipated after Bitcoin’s breakout was above $25k to $28k, which led to cash flow into large altcoins.
FOMO Traders Proliferate XRP Market
Last week, the sixth-largest digital asset by market capitalization rallied above the 200 weekly moving average (MA) for the first time this year, breaking out of a multi-week logarithmic downtrend. The breakout attracted FOMO traders hoping to catch some gains, as evidenced by today’s $11.52 million liquidated in the XRP market. Of this amount, around 80% were short traders.
High Level of Trader Profit Taking Recorded in XRP Market
Market intelligence platform Santiment has reported a very high level of trader profit taking in the XRP market, which is at its highest ratio vs loss taking since Aug 2021. The high rate of profit-taking among XRP traders suggests a psychological resistance level of around $0.58. According to Santiment, XRP profit-taking transactions occur twice as often as loss-taking transactions.
With the Ripple vs SEC ruling expected in the coming weeks, XRP community members are optimistic about a favorable outcome. However, if Ripple loses the case, it could have a bearish outlook for the company.
Ripple has already lost some customers, including Moneygram, to Stellar Lumens XLM. Ripple CEO Brad Garlinghouse has previously threatened to leave the US market if the SEC wins.
Will XRP bounce back and continue to register gains as it has? Only time will tell!
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- Source: https://coinpedia.org/altcoin/xrp-price-rally-can-take-a-halt-with-enormous-profit-taking-heres-what-traders-can-expect/
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