The XRP has been rising again in recent days. According to an expert, something striking seems to be happening on the Binance trading platform. The available stock is starting to dry up, and that could easily lead to more racing spectacle.
Only 4 million XRP available?
According to software engineer Vincent Van Code, Binance’s order book currently only contains about 4 million XRP. According to him, anyone who wants to make a larger purchase, for example 10 million units, would soon have to deal with prices of up to 15 dollars per XRP. Compared to the current price, this amounts to a huge increase of 472 percent. It must be said that it has not been confirmed whether Binance actually has so little XRP available.
According to Vincent van Code, large parties usually buy via over-the-counter (OTC) or in bulk to avoid such price peaks. OTC trading takes place outside the stock exchange and helps to prevent large price fluctuations. But that’s different now. “OTC stocks are drying up. Everyone is holding tight.”
For the time being, no explosive movement is visible. According to Van Code, this is because smart algorithms and bots keep the market accurately balanced. They buy via open orders without influencing the price too much. However, he says the question is how long this will continue to work well. “It will be interesting to see what happens next,” Van Code says in his analysis.
XRP Rises 12%, But Analyst Warns
At the time of writing, the XRP price is at $2.62. That is an increase of twelve percent compared to a few days ago, when the currency was still trading at around 2.34 dollars. However, it is still more than 28 percent lower than the all-time high of $3.65 achieved in July.
Despite Vincent van Code’s optimism, analyst Ali Martinez remains cautious and warns on X of a possible correction in the XRP price.
According to him, the so-called TD Sequential indicator on the four-hour chart is currently giving a sell signal. This indicator counts consecutive price movements and often predicts a trend reversal once there have been nine consecutive increases, which is now the case.
Source: https://newsbit.nl/miljoenaankoop-op-binance-kan-xrp-naar-15-duwen-iedereen-houdt-vast/
