XRP (XRP) Price has maintained more than $ 2 this week thanks to the recent modification of Altcoin. Investors and BYBITs of Korea Exchange Bits have been accumulated greatly as the CVD value has increased by using a collision.
XRP CVD chart for BYBIT during crashing on February 3rd. Source: x.com
As the market falls, traders are exchanged for ETH by BTC and XRP
XRP has been one of the recent decline in cryptocurrency, and the lowest level of $ 1.78 on February 1 on February 1 on February 1, but Altcoin is tighter than $ 2 psychological levels. Anonymous market analyst LTRD pointed out that Korean merchants are responsible for XRP’s rapid recovery.
In the X Post, the analysts explained that Korean investors are “aggressively” purchasing XRP and BTC while throwing away ETH bags during sales. Added by the analyst
“What’s more interesting is that we did it consistently not only for a certain moment, but also for the entire period. They were actively exchanging ETH for BTC and XRP.”
XRP CVDs are purchased at Upbit. Source: x.com
Under careful observations, it can be suggested that most of the purchase bidding has been deployed to less than $ 2 after the cumulative volume delta (CVD, the net of purchases and sales) has increased rapidly during 2: 00-3: 00 UTC. February 3rd. XRP dropped $ 1.78 before finishing $ 2.15 or more for the same time.
The Asian spot purchase may have now maintained XRP at least $ 2, but the data of cryptocurrency suggests that the XRP whale can sell some of the bags.
Whales exchanging transactions for Vi Nice. Source: Cypytoquant
Last day, more than 15,008 transactions occurred, and whales moved more than 180 million XRP tokens to Biny! This is the most trading that occurs from whales to exchanges since January 8.
Related: XRP Price analysts bullish on $ 5, long -term target $ 18
XRP open interest decreases 44% in February
SPOT Traders used opportunities, but 42% flash collisions have disappeared much of the XRP Future Open Interest (OI). As described in the chart, XRP OIs increased 44% in February and decreased from $ 63.5 billion to $ 3.55 billion on February 1.
XRP has aggregated the public interest, financing rate and spot volume.
The XRP public interests from all exchanges fell to the lowest level in November 2024, indicating that there is a complete flush of leverage location for the past three months. The rate of financing is also reset, suggesting that most traders are currently performing a side job.
XRP 1 hour chart. Source: COINTELEGRAPH/TradingView
From a technical point of view, XRP continued to lower the thread in the 50 -day EMA as an overhead resistance, as it was overhead resistance. Altcoin is scheduled to resume an order block every day, which can be the first area of the buyer because there is a long demand between $ 2.20 to $ 2.33.
In this area, the price response will be the core, which can determine the reversal or weakness of Altcoin in this area, and $ 2 may be re -adjusted in February.
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This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.