XRP Bullish Sentiment Rises! Market Remains Bullish Despite Price Drop

Cryptocurrency analyst Ali (@ali_charts) reports that the XRP trader sentiment on the Binance futures platform remains bullish. According to his chart, 71.54% of XRP position traders are betting on a price increase, while only 28.46% of traders hold short positions. The current long-to-short ratio is as high as 2.51, meaning the number of bullish traders is more than twice that of bearish traders.

This ratio reflects a positive outlook on the XRP price in the market, but stands in stark contrast to the recent price performance. Despite XRP having fallen 4.34% over the past week and a slight decline of 0.37% in the last 24 hours, bullish traders remain optimistic, expecting a price rebound.

The divergence between market sentiment and price trends may indicate that traders view the recent decline as a short-term correction, or anticipate favorable news to drive a price rebound. However, if the price continues to drop, it could trigger more liquidations, further exacerbating downward pressure. Conversely, if market conditions favor an increase, the current long positions could lead to a rapid price recovery.

Overall, while bullish sentiment is strong, the market still needs to pay attention to more macro and technical factors to assess the true direction of prices.