Recent reports show that 70.33% of XRP traders on Binance are adopting long positions, reflecting strong bullish sentiment in the derivatives market, even after XRP’s value has dipped by 15.61%.
Open interest on Coinglass has risen to $679.47 million, with long traders accounting for approximately $477.87 million. This suggests that traders are optimistic about a potential price increase for XRP.
Despite the bullish sentiment, trading volumes have declined by 50.69% to $4.98 billion, indicating a lack of momentum. A 62.51% drop in trading volume within the options market further raises concerns about XRP’s immediate price performance.
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