XRP under attack? Short bets spike as bears eye sub-$2 levels
The latest XRP derivatives data is pointing to a rise in bearish sentiment. In particular, data retrieved by Finbold from cryptocurrency analytics platform CoinGlass shows that the token’s long/short ratio has fallen to 0.7797 at the time of writing on April 18. In other words, 56.19% of the XRP positions opened within the last 12 hours have been shorts against the token. XRP long-short ratio chart. Source: CoinGlass This represents a significant bearish surge, as the preceding 12-hour period saw XRP shorts account for 51.55% of opened positions. Notably, this is the lowest and most bearish long/short ratio XRP has seen since the beginning of April. Recent price action points to XRP’s resilience Interestingly enough, price action does not correspond to this apparent bout of pessimism on the account of derivatives traders. At press time, XRP was changing hands at $2.08. A 1.36% loss on the daily chart has brought weekly gains down to 4.07%. Despite fa...