๐ CryptoQuant, a crypto analysis firm, highlighted the $XRP market in its latest report. Based on Binance futures data, speculative activity in $XRP is picking up again! ๐
This could signal a big price swing soon. โก
$XRP โs open interest hit a record $1.5B ๐ but dropped to $530M ๐ข, liquidating leveraged positions. Recently, open interest is climbing again ๐, showing renewed trader interest and potential for higher volatility. ๐ข
The funding rate, a key metric, is also telling. During the correction, it went negative ๐, hinting at heavy short positions and a possible short squeeze. Now, itโs neutral โ๏ธ, showing balance between buyers and sellers. But with short positions growing quietly, thereโs upward pressure on XRPโs price, and a mild short squeeze is happening! โฌ๏ธ๐ฅ
Meanwhile, the Taker Buy/Sell ratio on Binance is at 0.91 ๐, pointing to strong selling pressure. Retail investors are aggressively shorting ๐, but the price holds strong ๐ช, absorbing the pressure. This could be an early sign of a potential rise! ๐
*Not investment advice. ๐ซ๐ธ
