has defied odds and registered a notable 3% increment. A ray of hope for investors in an overall declining market. However, what are the elements behind this unanticipated increase?According to Cryptoquant data, the overall supply of XRP has been on a downward trend. This results in scarcity, which stimulates demand for it and leads to an increase in its value.
This development is known to investors; hence, it has a bearing on how the price behaves. When there is a shortage of XRP and its demand remain static or even escalate, then its prices are more likely to move upward than downwardAMBCrypto further analyzed the taker buyer seller ratio data. The ratio currently stands at 0.908 .This suggests a slightly higher number of XRP sellers than buyers in the market.
In fact, it is almost equal, meaning that some change may occur. With this increase in the number of buyer and the aforementioned decrease in supply, prices are expected to rally and target the next resistance zonesThe recent rise in its price by 3% indicates that investors are now gaining trust in it. If this trend remains and the ratio favors more buyers, then there will be a continuous force pushing XRP upwards.