XRP Bulls Take the Wheel: Rising Long Bets Hint at Imminent Breakout Above $2.18

Monicah W

Over the past week, XRP’s price has remained range-bound amid the broader market’s recovery attempt. 

However, with a growing bullish bias toward the altcoin, XRP may be on the brink of breaking free from this range and trending upward. This analysis explains why.

XRP Futures Traders Bet on Upside as Long Positions 

The momentum shift towards the bulls has become evident, particularly within the futures market, where long bets on XRP are now surpassing short positions. This is reflected by the token’s XRP’s long/short ratio, which is currently at 1.07.

XRP Long/Short Ratio
XRP Long/Short Ratio. Source: Coinglass

The long/short ratio measures the proportion of long positions (bets on price increases) to short positions (bets on price declines) in the market. 

When its value is below one, it indicates that the number of short positions outweighs long positions in the market, suggesting bearish sentiment or a lack of confidence in the token’s future price performance. 

As with XRP, when an asset’s long/short ratio is above one, it means there are more long positions than short ones. It indicates that traders are predominantly bullish on XRP and hints at a higher likelihood of an upward breach of its narrow range. 

In addition, XRP’s relative strength index (RSI) has climbed steadily, indicating a gradual rise in demand for the token. The key momentum indicator, at 50.77, currently rests above the neutral line and is in an uptrend. 

XRP RSI
XRP RSI. Source: TradingView

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

At 50.77, XRP’s RSI signals a shift toward bullish momentum. It indicates that buying pressure is starting to outweigh selling pressure, and the asset may be poised for further price increases.

XRP Eyes $2.18 Resistance as Bulls Look to Push for $2.29

XRP currently trades at $2.13, just 3% away from its next significant resistance level, $2.18. If buying pressure intensifies and the altcoin successfully flips this price point into a support floor, it could trigger further price growth. In this scenario, XRP could potentially climb to $2.29. 

XRP Price Analysis
XRP Price Analysis. Source: TradingView

However, if demand weakens and the bears regain control, XRP may remain range-bound. It could even break below the $2.03 support and fall to $1.99.

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Sui Meme Coins are Becoming Popular As DEX Volume Surges in April

Sui meme coins, not typically seen at the forefront of the sector, are surging in volume recently. Their market cap is far smaller than Solana meme coins, but it’s also growing fast.

LOFI, a meme coin deployed on the blockchain, surged by over 186% in a week. If fresh DEX trading volumes start flowing into these assets, Sui could be the next emerging ecosystem for meme coins.

Are Sui Meme Coins About to Explode?

Meme coins based on Solana have been getting a lot of attention lately, with surging trade volumes and token prices. This has fueled speculation that Solana’s poised to lead a new meme coin boom, especially as the sector is exposed to new risks.

However, Sui meme coins are gaining some unexpected traction, and DEX volumes are noticeably soaring.

Sui DEX Volume In the Past Month. Source: DefilLama

Sui is a high-performance Layer-1 blockchain that shares many similarities with Solana but several key differences.

Its design focuses on scalability, using parallel transaction processing and an object-centric transaction model to achieve this aim. Sui’s ecosystem is much less mature than Solana’s, but this could present opportunities for meme coins.

Sui’s developers are constantly working on upgrades to encourage new projects, some of which are explicitly geared towards meme coins. Solana’s 6.3 billion meme coin market cap grew by 2.4% in the previous 24 hours, while Sui’s increased by 4.6%.

LOFI grew 184.5% in the last week, highlighting its dedicated community.

LOFI’s impressive rise stands out, but several other projects on the layer-1 network have also attracted speculative interest. Meme coins thrive on community hype, and the blockchain’s DEX volumes are soaring.

If this high performance and committed enthusiasm connect with fresh investors, it could present an explosive opportunity.

For now, Sui’s meme coin ecosystem has a ways to go, with a total market cap of $123 million. However, this sector moves fast, and the Sui ecosystem could be poised to make some major growth soon, if meme coin enthusiasts continue to trade.

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Solana Whale Moves $72 Million in SOL to Coinbase, Fueling Fears of a Major Sell-Off

On Tuesday, a large Solana whale transferred 494,153 SOL—valued at approximately $72 million—to the Coinbase exchange, raising concerns over a potential sell-off. 

Large exchange inflows like this often signal impending selling pressure, putting SOL’s recent gains at risk.

$72 Million in SOL Hits Coinbase, Weighing on Market Sentiment

According to Whale Alert, a SOL whale transferred 494,153 SOL valued at $72 million to Coinbase Institutional on Tuesday. Significant exchange inflows such as this mean that large investors are moving their holdings from private wallets to exchanges, often signaling an intent to sell.

Solana Whale Activity.
Solana Whale Activity. Source: Whale Alert

This increased supply on exchanges can increase the downward pressure on the SOL price, especially if there is insufficient demand to absorb the selling. As a result, its price may decline in the near term, leading to further sell-offs.

Moreover, the coin’s negative weighted sentiment heightens the risk of this selloff. At press time, this key metric is below zero at -0.51.

Solana Weighted Sentiment.
Solana Weighted Sentiment. Source: Santiment

An asset’s weighted sentiment analyzes social media and online platforms to measure the overall tone (positive or negative) surrounding it. It considers the volume of mentions and the ratio of positive to negative comments. When weighted sentiment is positive, it indicates more positive comments and discussions about the cryptocurrency than negative ones.

On the other hand, when it is negative, the overall market sentiment is bearish, with more negative commentary and pessimism outweighing positive discussions about the asset. 

This trend can increase selling pressure in the SOL market, discourage new demand, and contribute to its price decline as traders react to the prevailing bearish outlook.

Will Solana Drop to $138 or Surge to $160?

At press time, SOL trades at $145.84. If the whale selloff prompts retail traders to distribute their coins, SOL’s price may plummet to $138.84.

Solana Price Analysis.
Solana Price Analysis. Source: Santiment

However, on the daily chart, SOL bulls appear ready to defend key levels. Readings from technical indicators, including the Parabolic SAR, suggest that buying momentum is gaining strength.

At press time, the dots that make up this momentum indicator rest below SOL’s price, offering dynamic support. When an asset’s Parabolic SAR is set up this way, it signals a bullish trend. It hints at the possibility of a rally in SOL’s price in the short term. If this happens, the coin could exchange hands at $160.34.

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