news 
XRP Futures Traders Still Bullish Despite 20% Price Drop, Expert Calls Decline a ‘Small Speed Bump’
The recent crash in the cryptocurrency market has taken its toll on many assets, including XRP. However, surprisingly, futures traders are still extremely bullish about the asset despite a massive 20% drop in price. This sudden shift could be attributed to the fact that they believe this decline is merely a temporary speed bump and not a failure.
The data from Coinglass reveals that approximately 74% of Binance traders have taken a long position on XRP, which is an increase from the previous day’s figure of around 70%. This significant rise in bullish sentiment can be attributed to the views expressed by renowned cryptocurrency analyst CrediBULL Crypto. The expert believes that XRP’s price drop before another surge is entirely normal and nothing more than a temporary speed bump.
In light of this, it seems that many traders are not deterred by the recent downturn and instead remain committed to their long positions on the asset. This could be due to the fact that they believe that any losses incurred during this decline will soon be made up when the price bounces back.
On the other hand, some experts have expressed a negative outlook, citing the formation of a head and shoulders pattern that may indicate a reversal in XRP’s recent positive trend. According to economic expert Jesse Colombo, the cryptocurrency could potentially drop all the way down to 60 cents if this pattern comes into play.
Despite these negative predictions, it appears that many traders are not swayed by such talk, instead focusing on their longer-term views of the asset’s potential for growth.
Source: https://bitcoinik.com/xrp-futures-traders-bullish-despite-20-price-drop/
