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Binance Traders Bet Big on XRP and ADA: Should You Be Worried?
Binance traders are demonstrating a profound level of optimism when it comes to the prices of both Ripple (XRP) and Cardano (ADA). This enthusiasm is not without its reasons, as both assets have shown significant growth in recent times. However, despite these optimistic predictions from many traders, it’s crucial to analyze the current market trends and consider whether such a bet is justified.
Firstly, let’s examine the recent price movements of XRP. As we can see, 70.33% of Binance traders with open $XRP futures positions are betting on a price increase! This surge in optimism raises concerns about the possibility of corrections in the future. The Oracle of Omaha’s words seem to be echoing through the cryptocurrency space: “Be greedy when others are fearful and vice versa.” This piece of advice from Warren Buffett could not be more relevant, especially considering XRP’s current correction.
In recent times, Ripple’s cross-border token has started to correct, which is a significant red flag for investors. The price is now very close to the coveted $2 support line. If this level fails, we can expect a massive drop to $1.2 or $1.3 if it continues its downward trend.
Moving on to ADA, we see that 67.61% of traders with open #Cardano $ADA positions are betting on a price increase. This surge in bullish sentiment is not dissimilar from XRP’s, as both assets have attracted significant attention and a substantial wave of big bullish trades on Binance futures. Similar to XRP, ADA has also tumbled by 5-6% over the past day and struggles to remain above $0.6.
It is imperative to recognize that this crucial support level could lead to a crash below $0.5 if it’s broken to the downside.
Source: https://cryptopotato.com/binance-traders-bet-big-on-xrp-and-ada-should-you-be-worried/
