The price of XRP has not been particularly impressive over the past week, despite the crypto market’s bullish momentum. According to the latest on-chain data, the altcoin could be about to leave this period of slow price behind it, with a potential breakout ahead.
Taker Buys Ratio Points at Intense Accumulation on Binance
In a recent Quicktake article on the CryptoQuant platform, market analyst CryptoOnchain speculated that there could soon be a significant change in the price dynamics of XRP. This optimistic projection is based on the evolution of the XRP Taker buy/sell ratio on the Binance exchange.
The Taker Buy Ratio measures the portion of trading volume on an exchange (in this case, Binance) that comes from buyers aggressively purchasing XRP at market price (sell orders). On the other hand, the taker’s put ratio measures the portion of trading volume that comes from sellers aggressively selling at market price (by hitting buy orders) – the buy/sell ratio comparing these two.
According to CryptoOnchain, the 100-day simple moving average of the Taker Buy/Sell ratio has seen a significant increase, recently reaching an all-time high. Highlighting, in particular, the 30-day SMA of the Taker Buy ratio, the crypto expert cited an impressive expansion up to 0.495.
At the same time, the Taker Sell ratio faced the opposite direction, with the index slowly falling until it reached 0.505. When the Taker Sell ratio decreases, it means that fewer sellers are distributing their holdings.
Conversely, a rising Taker Buy ratio indicates that more traders are aggressively buying a token (XRP, in this scenario). Taken together, these two readings clearly show that aggressive buyers in the XRP market are increasingly accumulating seller-distributed tokens.
Notably, CryptoOnchain explained that this behavior often preceded sustained short-term upward price momentum. Therefore, if historical trends are to be believed, XRP price may soon see another increase to continue last Tuesday’s move.
XRP Market Overview
At the time of writing, XRP price is hovering around $1.36, with no significant movement over the past day. While XRP posted a 3.3% jump in the weekly time frame, the cryptocurrency is down 0.9% over the past 30 days.
According to data from SoSoValue, US XRP Spot ETFs saw a total net inflow of $11.5 million over the past week. Interestingly, however, there were two instances – April 6 and 8 – where the XRP Spot ETFs saw $0 in daily net inflows during this period.
