XRP Accumulation on Binance Points to Potential Price Breakout

On-chain data from Binance suggests that XRP may be poised for a price breakout after a period of sluggish trading. Market analyst CryptoOnchain noted that the Taker Buy/Sell Ratio has reached an all-time high, indicating intense accumulation on the exchange.

The Taker Buy/Sell Ratio measures the balance between buying and selling pressure on an exchange. In this case, the 100-day simple moving average of the ratio has surged to a historic high, while the 30-day SMA of the Taker Buy ratio has expanded to 0.495. This suggests that more traders are aggressively buying XRP, rather than distributing their holdings.

CryptoOnchain pointed out that this trend often precedes sustained bullish momentum in the near-term. If historical patterns hold true, the XRP price could soon see a boost following last Tuesday's move.