Recent events on the world's largest cryptocurrency exchange, Binance, show significant trader interest in XRP following the conclusion of Ripple's legal case against the SEC.
XRP Situation on Binance
Popular crypto analyst Ali Martinez highlighted a substantial increase in long positions for XRP on Binance. These positions currently account for over 72% of all futures positions on the exchange.
Traders' Positive Expectations
One possible explanation for this activity is the anticipation of an XRP ETF approval in the U.S., which could positively affect the asset's price. Moreover, Ripple's recent announcement of a favorable case conclusion with the SEC led to a brief XRP price increase from $2.3 to $2.6.
Risks and Experts' Warnings
On the other hand, such optimism could pose a risk. As the analytics platform Santiment warns, cryptocurrencies often act contrary to the crowd's expectations, which could lead to corrections and liquidations of long positions.
The attention to XRP on Binance sparks interest and questions. While some investors anticipate positive developments, experts warn of potential risks due to the asset's overvaluation.
