John Isige
FXStreet
Ripple (XRP) upholds an intraday bullish outlook, trading above $2.91 on Wednesday. The crypto market has generally kicked off October on a positive note, providing insight into the direction trading may take in the coming weeks.
The uptick in price occurred alongside a notable increase in retail interest in the cross-border money remittance token. XRP futures traders are increasingly piling into long positions, according to CoinGlass data on the Open Interest (OI)-Weighted Funding Rate, which averages 0.0099%, up from 0.0011% last Friday.
OI-Weighted Funding Rate is an aggregated metric of XRP perpetual futures contracts across multiple exchanges, calculating the weighted average of funding rates. High positive rates indicate that traders are aggressively piling into long positions.
At the onset of an uptrend in the XRP price, rising OI-weighted funding rates represent a positive signal. However, at extremely high levels above 0.1%, it can serve as a warning for traders to reduce their risk exposure.
For now, XRP OI-Weighted Funding Rate is within the healthy band, encouraging more traders to increase their exposure, as they anticipate a breakout above the critical $3.00 level.
XRP OI-Weighted Funding Rate | Source: CoinGlass
Conversely, Binance activity indicates that investors have slowed asset transfers to the exchange. CryptoQuant data shows the token balance on Binance is approximately 3.57 billion XRP, stable after a significant increase from 2.92 billion XRP on August 31.
Traders typically move assets to exchanges with the intention of trading or selling, so an increase in exchange reserves often indicates impending volatility. On the other hand, declining exchange balances suggest confidence in the token and its ecosystem is improving, potentially laying the groundwork for a bullish outlook.
XRP Binance exchange reserves | Source: CryptoQuant
XRP gains momentum above key moving averages, including the 200-period Exponential Moving Average (EMA) at $2.91, the 100-period EMA at $2.88 and the 50-period EMA at $2.86 on the 4-hour chart, buoyed by bullish sentiment in the wider crypto market.
The Relative Strength Index (RSI) remains at 62, following a significant rise from oversold levels last week, reinforcing the increase in buying pressure. Similarly, the Moving Average Convergence Divergence (MACD) has confirmed a buy signal on the same daily chart, encouraging investors to seek risk exposure.
XRP/USDT daily chart
Key areas of interest for traders are the descending trendline in place since mid-July, when XRP reached a new record high of $3.66, and the next supply zone at $3.18, which was tested on September 13 as resistance.
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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Pi Network (PI) edges higher by over 4% at the time of writing on Wednesday, as investor sentiment improves amid co-founder Chengdiao Fan delivering a talk on Blockchain and Artificial Intelligence (AI) at the Token2049 event in Singapore.
Pump.fun is gaining bullish momentum, advancing up over 13% to trade at $0.0067 on Wednesday. After surging to a new all-time high of $0.0089 on September 14, the meme coin platform native token trimmed most of the gains, testing support at around $0.0048.
Bitcoin (BTC) kicked off October on a strong note, with the price breaking above $116,000 on Wednesday. Despite a market-wide expectation that September is usually a bearish month for cryptocurrencies, BTC posted gains of 5.31%.
Aster (ASTER) remains steady at press time on Wednesday, following a 14.6% drop the previous day, driven by rumors of token unlocks. Meanwhile, the declining interest among derivatives traders flashes downside risk.
Bitcoin (BTC) price hovers around $109,000 at the time of writing on Friday after shedding nearly 5% so far this week. The broader cryptocurrency market experienced its largest single-day liquidation event of the year, wiping out mostly long positions.
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