news 
Ripple: 70% of XRP traders go long – Is a rally closer than we think?
According to recent market data, the majority of XRP derivatives traders have gone long, with an astonishing 70.33% of traders opening long positions on Binance. This surge in long bets is accompanied by significant growth in open interest on Coinglass, reaching $679.47 million. Meanwhile, Bitget has witnessed a substantial increase in its open interest as well.
The current sentiment in the derivatives market is undeniably bullish. The majority of traders, 70% to be precise, are expecting an upward movement from XRP’s current price level. It is essential to consider that this optimism can have a direct impact on the asset’s performance and potential short-term gains for those who took long positions.
In addition, it must be taken into account that short sellers are now paying a premium fee to maintain their bearish stance against the market. In essence, long traders dominate the derivatives market, a factor that historically signals an increase in XRP’s value. This sentiment has led to a substantial amount of short liquidations over the past 24 hours, with a staggering $2.4 million worth of short positions having been forcedly closed. This occurrence typically indicates strong interest in a potential rally.
On the other hand, it is essential to acknowledge that the market lacks momentum at present, which can hinder any potential upward move. The trading volume over the past 24 hours has seen a significant drop of 50.69%, indicating a weakened sentiment and reduced market participation.
Furthermore, the options market has witnessed a decline in its trading volume by an astonishing 62.51%. This considerable decrease in interest and the lack of momentum may signal that XRP is more likely to fall further rather than experience any upward movement.
In conclusion, it can be seen that both fundamental and technical indicators suggest mixed signals for XRP’s potential performance moving forward.
Source: https://ambcrypto.com/ripple-70-of-xrp-traders-go-long-is-a-rally-closer-than-we-think/
