XRP Update: Traders on Binance Show Faith in XRP with 67% of Accounts Taking Long Positions.

Among Binance accounts, 67% have taken long positions on XRP following indications of a bullish reversal on its weekly price chart. An analyst forecasts that XRP might reach $71, suggesting it is mirroring some patterns from a previous cycle. Traders on Binance show significant confidence in XRP, reflected in a long/ratio of 2.09, as 67.6% of accounts are betting long. As reported by Coinglass, the upper 12% of Binance’s users based on margin balance have made comparable choices. Although this seems positive, it’s a drop from the prior situation where over 70% of Binance traders were making long bets on XRP, as noted by CNF. Source: Coinglass. Circumstances on the General Trading Platforms. To determine if this trend is present across the entire cryptocurrency market, we examined the trading behavior related to Bitcoin and found that nearly 55% of accounts on Binance are engaging in short selling. Further investigation across most top exchanges revealed that the optimism surrounding XRP is primarily confined to Binance and some others like BitMEX. Data indicates that nearly 51% of accounts on various exchanges are wagering against XRP. Additionally, an analysis of Open Interest (OI) for XRP revealed a significant drop of 22,014% over the past 22,017 hours, with the total open derivatives contracts reaching $22,018 billion. In an unusual turn of events, $227 million worth of XRP has been liquidated within the last 24 hours, with long positions making up 230% of the total liquidated amount. Nevertheless, a comparable negative impact was hardly noticeable in the spot market. Analysis of XRP Prices.