2019-6-5 18:00 |
XRP, the second largest altcoin in the market, bottomed out of its sluggish market performance last month and led the market with its frenemy, Stellar Lumens [XLM]. After falling by over 12 percent on a year-to-date basis, XRP was buoyed following announcements from Coinbase and Nasdaq, and the fact that it broke its 200-day moving average and entered the elusive Golden Cross. However, despite the price on the up and up, what is surprising is the altcoin’s volume showing divergence.
In a recent post on TradingView, the analyst Nice4What spelled out the massive “Disconnect” between the price and the volume of XRP. Looking at the price of XRP on the controversy-riddled cryptocurrency exchange Bitfinex, the analyst noted that the current price of XRP, pegged at $0.404 at press time, was only 10 percent of its all-time high of over $3.40, recorded in January 2018.
Source: Trading View
Comparing this current to ATH price change, the on-balance volume [OBV] showed significant divergence. The analyst pegged the difference between the two time periods’ volume change to be in the range of 75 percent on Bitfinex. According to this deviation on the exchange, the analyst stated that there could be a prominent inflow of funds to XRP on the iFinex exchange, all while the prices moved gingerly.
He stated,
“On Balance Volume measures the net inflow vs outflow of money into an asset, as we can see in the last pump that BITFINEX:XRPUSD has there was a HUGE amount of money that came into the asset, all while price only moved a little in comparison.”
The implication of the price-OBV difference according to the analyst, was down to “HUGE bulls buying Ripple [XRP]” with the added caveat that “these same bulls do NOT want the price going up meaning, they are in accumulation phase…”
Binance, the largest cryptocurrency exchange in the world by “real” volume and by reputation, was also thrown into the mix, as the analyst hinted that the Changpeng Zhao-led exchange also showed similar trends. He added that “there are not many sellers interested at this level.”
Nice4What concluded by stating,
“I would keep a close eye on BITFINEX:XRPUSD moving forward as there are obviously some very rich and powerful people in on this coin, and when they want something to go up.. it goes up.”
The post XRP price versus on-balance volume comparison reveals shady hoarding on Bitfinex & Binance, claims analyst appeared first on AMBCrypto.
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