A sizable quantity of Ripple (XRP) coins were transferred to Binance on Tuesday. The deposit hasn’t moved the market, despite the fact that many traders anticipate this to be a sell.
XRP has seen a 1% increase in price over the last day, although overall price reaction has been subdued.
Ripple unmoved, targets new price high
33 million XRP coins, valued at almost $20 million, were transferred to a Binance wallet on Tuesday. Due to the possibility of a dump, sending significant quantities of tokens to a cryptocurrency exchange would often drive the market into a frenzy. The price of XRP has, meanwhile, been mostly steady.
The altcoin’s price has increased by 1% over the last day to trade at $0.59 right now. Notably, the token’s positive financing rate on cryptocurrency exchanges indicates that futures traders are still bullish and often prefer long holdings. The financing rate is now 0.0045%.
Perpetual futures contracts’ funding rates support the preservation of contract and spot price alignment. When the funding rate is positive, it indicates that the contract price is higher than the spot price, which forces traders holding long positions to pay short sellers’ costs. This pattern implies that a greater number of traders are placing bets on an increase in price than a decrease.
The open interest in XRP futures has also increased over the past day. As of right now, Coinglass claims that the metric is $667 million.
The number of open futures contracts for an asset is known as its futures open interest. As it climbs, more traders are joining the market and adding to the available liquidity.
XRP price prediction: Demand for token remains high
Over the last week, the value of XRP has increased by 5%, and technical signs point to potential increases. Examining its 12-hour chart reveals that the cryptocurrency is in a position to build on this encouraging trend.
With the positive directional indicator (+DI) above the negative directional indicator (-DI), the Directional Movement Index (DMI) now shows a bullish trend. This configuration points to a market rise that is intensifying due to significant purchasing pressure.
The Relative Strength Index (RSI) for XRP is rising at 58.15, indicating more demand, which is consistent with my prediction. An RSI at this point indicates that the market is still quite bullish and that purchasing pressure is much outweighing selling activity.
XRP will continue to rise if these optimistic circumstances hold true. It will cost $0.61 more now. Any downturn in the present price, however, will drive it down to $0.57, refuting the above optimistic estimates.
Trader turns $1K into $750K trading Tron (TRX) memecoin SunWukong
At its height, the unidentified trader’s Sun Wukong holdings reached $750,000, yet he hasn’t traded a single token yet.
With the help of the Tron network, an anonymous trader made almost $750,000 on a $1,000 starting offer for SunWukong (SUNWUKONG), a brand-new memecoin built on Tron.
Blockchain analytics portal Arkham Intelligence revealed in a post dated August 21 X that the dealer had paid $997 for 43.8 million SunWukong coins at the outset.
After Tron (TRX) inventor Justin Sun changed his X profile photo to an image of Sun Wukong, a figure from the recently released Chinese folklore-based video game Black Myth: Wukong, the value of the SunWukong memecoin skyrocketed.
In its first 24 hours of release on the gaming platform Steam, the game broke records with over 2.2 million concurrent users, making it one of the most well-liked single-player game launches in the site’s history. It was released on August 20.
DexScreener data shows that in less than 12 hours, the token’s value increased from about $3,000 to a maximum of $17 million, representing a gain of almost 566,500%.
During the surge, the trader’s memecoin holdings increased in value from $1,000 to a maximum of $750,000.
Since then, the price of the meme currency has dropped by 58% from its peak, and as of this writing, it has a $7.4 million market valuation.
But for now, it’s all just paper gains.
The trader hasn’t sold a single SunWukong coin, according to Troncan statistics. As of the time of publishing, the current value of their holdings was around $329,000.
The transaction takes place in the midst of a massive surge in Tron-based memecoin deployer Sun Pump, which gets its name from the sun.
Sun Pump launched on August 10 and has generated more than $1 million in revenue in only 12 days.
An replica of the well-liked Solana-based memecoin deployer Pump.fun, which has brought about a spike in memecoin activity on the Solana network and brought in $95 million since its January inception, is called Sun Pump.
Some have criticized speculative assets for being “extractive” and said they have undermined the basic ideals of cryptocurrency, while memecoin proponents have welcomed the rise of memecoin trade.
FTM leads crypto rally with 17% surge, eyes further gains
Fantom (FTM) is now the best-performing cryptocurrency in the market, with a 17% gain in value.
On the morning of August 22, Fantom, a blockchain platform designed for decentralized finance applications, saw a 17% increase in value, trading at $0.461 per price, according to statistics from crypto.news. The cryptocurrency asset had a more than twofold increase in daily trading volume from the previous day, averaging $284 million. Its market capitalization was $1.29 billion, placing it 62nd out of the top cryptocurrencies.
Since the token’s price plummeted to $0.276 on August 5, when the stock and cryptocurrency markets fell and forced over $1 billion in liquidations, it has increased by 67%. Even with the most recent price increase, FTM is still 86.6% behind its peak of $3.46 set in October 2021.
At $0.4621, Fantom is now trading above the upper Bollinger Band at $0.4520, indicating a possible breakout from average volatility levels. This position, which is above both the upper band and the middle band at $0.3655, points to an atypical rising momentum in the market and a strong optimistic attitude.
Although the Relative Strength Index, at 61.93, is elevated, it does not categorically classify the asset as overbought, which would normally be indicated by an RSI over 70. This is concerning because the FTM price surpasses the upper Bollinger Band. This implies that even if there is a lot of purchasing momentum, there can be more upward movement left in the asset before it reaches possibly overbought area.
The scenario suggests that the market may have responded favorably to external factors, pushing the price above typical resistance levels but not to the point where overbuying has caused a reversal. Traders hoping to profit from the momentum may get more interested in this, which might drive the price higher in the near future.
But traders also need to be wary of sudden movements that can cause a sharp pullback in the event that the price returns to the Bollinger Bands’ typical range.
