The XRP price has not been particularly impressive over the past week, despite bullish momentum in the crypto market. According to the latest on-chain data, the altcoin could be on the verge of putting this period of sluggish price action behind it, with a possible breakout on the horizon.
Taker Buy Ratio Indicates Intense Accumulation on Binance
In a recent Quicktake post on the CryptoQuant platform, market analyst CryptoOnchain said assumed that a significant shift in XRP’s price momentum could occur soon. This optimistic projection is based on the changes in the XRP Taker Buy/Sell Ratio on the Binance exchange.
The Taker Buy Ratio measures how much of the trading volume on an exchange (in this case Binance) comes from buyers aggressively purchasing XRP at the market price (sell orders). On the other hand, the Taker Sell Ratio measures how much of the trading volume comes from sellers aggressively selling at the market price (hitting buy orders) – with the Buy/Sell ratio comparing the two.
According to CryptoOnchain, the 100-day simple moving average of the Taker Buy/Sell ratio witnessed a significant increase, recently hitting an all-time high. The crypto expert particularly highlighted the 30-day SMA of the Taker Buy ratio, citing an impressive increase to 0.495.
At the same time, the Taker Sell ratio has moved in the opposite direction, with the index slowly declining until it reached 0.505. When the Taker Sell ratio drops, it means fewer sellers are dividing their assets.
Rather, a rising Taker Buy ratio indicates that more traders are aggressively purchasing a token (XRP, in this scenario). Taken together, these two measurements make it clear that the aggressive buyers in the XRP market are accumulating more and more tokens distributed by the sellers.
Notably, CryptoOnchain explained that this short-term behavior often preceded sustained bullish price momentum. So, if we go by historical patterns, XRP price could soon get another boost to continue last Tuesday’s move.
XRP Market Overview
At the time of writing, the XRP price is around the $1.36 level, with no significant movement in the past day. While XRP is jumping 3.3% on the weekly time frame, the cryptocurrency is down 0.9% over the past 30 days.
According to data from SoSoValue, US XRP Spot ETFs recorded total net inflows of $11.5 million last week. Interestingly, however, there were two instances – April 6 and April 8 – where the XRP Spot ETFs recorded $0 in daily net inflows within this period.