- XRP is up more than 3% in 24 hours.
- As funding rates rise, buyers become more aggressive.
XRP has followed the broader market in recent price trends. Moreover, the most recent move has proven to be enough to push it above a critical threshold in important indicators.
XRP rises above the neutral line.
Recently, the price trend of XRP has shown improvement, recovering from the decline that occurred a few weeks ago when it fell below the $0.6 level.
Over the past two days, XRP has begun a rally, pushing its price higher compared to the previous week. As of the close of trading on February 13, it had increased 2.45% to about $0.53.
Source: Trading View
A notable aspect of this move is that it has impacted the Relative Strength Index (RSI) of the asset, moving it above the neutral line. Previously, XRP had been hovering below the neutral line since around December, occasionally briefly crossing the neutral line.
At the time of writing, the upward price momentum continues, with XRP up 1.75% and XRP trading around $0.54. RSI also continued to rise above the neutral line, indicating a bullish trend.
However, despite this positive trend, the price has yet to break above the short moving average (yellow line). It still acted as resistance at the $0.55 price level.
How has XRP supply responded with returns?
The recent upward trend in XRP price has had a noticeable impact on total supply. Looking at profit supply through the Santiment chart, it showed a decline in the previous month and hit a six-month low on February 1st.
The number has decreased from over 80 billion to about 75 billion.
After that, it started experiencing an upward trend, with the recent surge adding 2 billion between February 12th and the current date.
At the time of writing, the total supply of profits was over 82 billion. This indicates that over 82% of the total XRP supply is currently profitable.
XRP Supply Revenue
Funding rate shows positive mood
Coinglass’s examination of XRP funding rates shows that buyers have become more aggressive recently. Looking at the chart, the funding rate has risen to around 0.029 at the time of this writing, the first time this has happened in weeks.
Source: Coinglass
How much is 1,10,100 XRP worth today?
This indicates growing buyer interest and growing sentiment in the market.
However, as evidenced by open interest, significant cash inflows have not yet begun. However, there are visible signs of growth, with open interest standing at approximately $634 million at the time of this writing.