76% of Binance Traders Go Long on XRP: Is It Good News for the Altcoin?
In a sideways cryptocurrency market, XRP traders on Binance have expressed strong bullish sentiment, with 76.54% opting to go long on the XRP/USDT pair, according to Coinglass data. Meanwhile, 23.46% of traders have placed short positions, indicating a prevailing optimism about the altcoin’s price potential.
Despite XRP facing resistance near the $0.52 support level, this surge in long positions suggests that many traders believe the altcoin will soon break through and rise in value. Currently trading at $0.529, XRP has experienced a minor decline of 0.65% in the last 24 hours, yet traders are holding onto the hope of a bullish rally.
Futures Open Interest and Liquidation Levels
Positive signs also emerge from XRP’s Futures Open Interest (OI), which has grown by 2.3% in just four hours, signaling that traders are increasing their bets on XRP’s future price action. The OI-Weighted Funding Rate also supports the bullish outlook, sitting at +0.0097%, meaning long positions are paying short positions.
At present, key liquidation levels for XRP are $0.519 on the lower side and $0.541 on the upper side. If the price drops below $0.519, long positions worth $10.21 million may be liquidated. Conversely, a price surge to $0.541 could trigger the liquidation of $8 million in short positions.
Technical Analysis and Future Outlook
According to technical analysis, XRP has been consolidating within a tight range of $0.518 to $0.545 for the last three days. A breakout from this range will determine the altcoin’s next significant move.
Should XRP breach and close above the $0.545 mark, there is a strong possibility of a 17% price surge, bringing XRP to $0.65. On the other hand, a close below $0.515 could result in a 12% decline, pushing the price down to $0.455.
As traders monitor these key levels and liquidation points, the next few days will be crucial in determining whether XRP bulls can maintain control and push the price upward.
