XRP, the cryptocurrency associated with Ripple Labs demonstrates signs of an updated bull impulse. Its financing level has returned to the positive region, according to the latest Coinglass data.
The financing level is a tool that the crypto market uses the price of the prices between the market and futures markets. When this indicator is positive, this suggests that more traders are betting on the XRP Consheus to grow. Therefore, they occupy long positions.
On the contrary, when this rate is negative, bear traders at the price of XRP. Therefore, they occupy short positions in the belief that the price of cryptography will fall.
XRP -producing shift moods
Over the past few days, the XRP financing level has shown several variations. On April 30, this was in the negative zone for a short period, the sign that the sellers controlled the XRP market. However, the tide turned on on May 1, and the speed moves above zero.
This change indicates that the bulls returned to monitoring the XRP derivatives market. This level of financing is important because it proves that the confidence of traders in the XRP is growing.
Despite the fact that this rate does not provide guarantees that the price rally is going to happen, this is usually a leading reflection of market moods. A positive level of financing indicates that traders will not mind by paying a premium for long positions, since they expect that the price of XRP will increase soon.
After a positive change in financing rate, the price of XRP also increased slightly. According to Coingecko, it has grown by 1.8% over the past 24 hours and is traded at 2.23 dollars at the time of writing.
Three bull signs for XRP
There are several factors contributing to this updated optimism. A wider crypto -market demonstrates signs of recovery.
Coingecko data show that Bitcoin and leading nine coins on market capitalization note positive changes in prices over the past 24 hours.
In addition, there was a noticeable increase in the volume of trading in Futures Futures, which is a sign of increasing interest on the part of retail and institutional investors.
Meanwhile, the MACD technical indicator also supports this bull impulse. TradingView current data show that the MACD line is currently higher than the signal line, while the MACD histogram is positive and increases.
