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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...

The new “credit currency” will allow users to rely on cryptocurrencies as collateral without needing to obtain loans from other institutions. Crypto futures exchange OPNX has launched a credit currency for margin trading , according to a July 5 statement made to Cointelegraph from the exchange’s co-founder, Mark Lamb. Called “oUSD,” the currency is available in its “phase 1” iteration, meaning that users cannot receive it without depositing crypto assets into the exchange.  In a future “phase 2” version, the platform intends to make oUSD available to users who deposit crypto into on-chain contracts to allow for possible “bankruptcy remoteness,” Lamb stated. In the currency’s litepaper, oUSD is identified as a solution to three problems. First, lenders do not want to trust platforms to hold cash loans backed by crypto collateral. Second, exchanges and lending platforms don’t want to lend cash to margin traders, as this practice led to multiple bankruptcies during the 2022 bear mar...

ETH price is showing strength, but network and derivatives data suggest that ETH will struggle to hold the $1,850 price level. Ether (ETH) price had been battling the $1,850 resistance level, but it broke through on April 4 when Ether rallied to a 7-month high above $1,900. Recently there has been a lot of speculation on Ether price catalysts, let’s see if it’s possible to identify any fundamental factors behind the price movement.  The upcoming Shanghai hard fork could be one factor in Ether’s recent bullish momentum. On April 12, the ability for validators to withdraw their deposits opens, giving staking participants freedom of movement, but also t creating a sell-off risk for Ether. There are now 17.81 million Ether staked on the Beacon Chain, though some safeguards have been put in place to prevent a flood of Ether from disrupting the market. For example, because there is a daily limit of 2,200 withdrawals, the maximum daily unlocks are 70,000 ETH. Scalability and selfish val...