XRP Accumulation Resumes as Buyers Take Advantage of Oversold Conditions

XRP is quietly building energy, with buyers resuming accumulation amid oversold conditions. At the moment, the XRP price oscillates around $1.30 after falling from the $1.40 level.

XRP net buying trend

Crypto investor and CryptoQuant author CW on X spotlighted a net accumulation trend among XRP long position holders. 

The author shared a TradingView chart that showed traders on the futures contracts market adding more long positions than closing them. These traders are simply betting that the price of XRP will increase.

The chart also revealed that XRP open interest (OI) is surging. When OI rises, new money enters the market rather than existing money being traded around.

Based on these factors, CW thinks XRP is accumulating energy and awaiting a major breakout soon. The idea is that this buildup could lead to a strong price move once a catalyst breaks the range. 

On the crypto futures market, rising OI alongside net long bias is generally seen as bullish confirmation. It shows fresh capital and conviction entering on the long side, rather than just random trading.

XRP investors remain optimistic

At press time, XRP is trading at $1.30, with a trading volume of $1.87 billion. In the past 24 hours, the coin dropped by 2.6%, but volume increased slightly by 3.9%.

The surge in volume has confirmed that the Ripple-linked coin is in a consolidation phase, awaiting a major breakout.

Investors are also optimistic since the coin is seeing increased adoption, particularly in payments. U.Today reported on Monday, March 30, that XRP saw an over 410% increase in payments on XRP Ledger in a single day.

This network activity shows remarkable growth and could trigger the attention of more investors. Once adoption increases for the coin, the price is expected to recover and even hit new highs.

Another positive indicator to watch is recent inflows into the spot XRP exchange-traded fund (ETF) market. XRP defied the negative trend on the ETF market, recording the only inflow seen last week.

The inflows, although modest, suggest renewed confidence by institutional players. Generally, inflows into spot ETFs are bullish, indicating that a possible breakout is on the horizon.