Following a significant price reversal, the crypto market is again facing declines in various cryptocurrencies. Among these, XRP is gaining attention from enthusiasts despite its price dip.
Binance Traders’ Rising Bets on Long Positions
The on-chain metric for Binance XRP/USDT shows a long/short ratio of 2.80, indicating strong bullish sentiment. At press time, 73.6% of leading XRP traders on Binance hold long positions, whereas 26.4% hold short positions.
Current Price Momentum of XRP
Despite trader interest, XRP is trading near $2.50, having dropped over 6.50% in the past 24 hours. This decline has resulted in a 65% drop in trading volume, indicating market uncertainty. Without a rebound, the price may fall by 25% to the next support level of $1.95. The RSI is at 38, suggesting further decline, but the 200 EMA points to potential upward momentum.
XRP Price Action and Liquidation Areas
Traders are liquidating long positions due to bearish momentum. Major liquidation areas are around $2.47 and $2.75. If the price drops to $2.47, approximately $22.68 million in long positions will be liquidated. Conversely, if it rises to $2.75, about $99 million in short positions may be liquidated.
Combining on-chain metrics with technical analysis, it appears that bulls are exhausted, and bears are dominating XRP trading, potentially leading to further price decline.
