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XRP Bulls Dominate Binance as Longs Surge to 73%
As of 1:00 p.m. UTC, a staggering 72.96% of top trader accounts on Binance have opted for a long position in XRP, leaving only 27% of traders betting against the cryptocurrency’s price action. This significant shift has led to a dramatic increase in support for an upside movement.
The data shows that individual trader accounts are also shifting their stance, with retail and institutional investors alike mirroring this trend. In fact, it is reported that long accounts across all segments have reached a whopping 71.6%, accompanied by an equally impressive surge in the global long/short ratio, now standing at 2.52.
Despite the growing conviction among traders, the size of these positions has decreased slightly, possibly due to caution following XRP’s tumultuous price action in July. However, this data suggests a palpable change in market sentiment and expectations.
While it is crucial not to jump to conclusions regarding future price movements solely based on trader position data, this significant shift could potentially set the stage for larger directional moves if coupled with increased spot volumes.
Sources: Binance
Source: u.today
