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Binance Traders Overwhelmingly Long XRP
According to recent data, it appears that traders on the popular cryptocurrency exchange Binance have become overwhelmingly long on Ripple’s native token, XRP. This shift in sentiment comes as a surprise, given the cryptocurrency’s tumultuous price action over the past few weeks.
At press time, XRP is trading at $2.15 on the Binance exchange, having recovered by roughly 25% since hitting a multi-month low of $1.6 on April 7. The token has even seen a brief surge to an intraday high of $2.16 earlier today.
This upward momentum in XRP’s price is mirrored by the significant increase in long positions taken by traders on Binance. According to data, nearly $4 million worth of XRP has been liquidated over the past 24 hours, with long positions accounting for a staggering 61.5% of these liquidations.
XRP’s open interest currently stands at a massive $3.15 billion, representing a significant increase from recent lows. The token’s liquidation ratio has also seen a notable spike, suggesting that traders are getting increasingly optimistic about the asset’s prospects moving forward.
While the sudden shift towards long positions may raise eyebrows among some market participants, it is essential to note that trading sentiment can be highly unpredictable and influenced by various factors beyond our control. As such, investors should proceed with caution and conduct their own research before making any investment decisions.
Sources:
– [XRP News article]
Source: https://u.today/binance-traders-overwhelmingly-long-xrp
