CryptoQuant analyst BorisVest stated that Binance's long-term selling pressure has been strongly absorbed and that a major price movement should be prepared.
According to software analysis by BorisVest, $XRP Open Positions (Open Interest - OI), which recently emerged at an all-time high of $ 1.5 billion, have decreased to 530 million with an improvement. This decrease caused the market to clear high leverage cells. However, in recent days, Open Positions have increased again and the narrowing indicates that interest in XRP has increased again. This may mean that volatility will also increase in the near future.
Funding rates provide clues about the short term of the market. During the XRP recovery, funding rates turned negative, which paved the way for short position relaxation (short squeeze). The analyst states that funding is currently at a neutral level. However, BorisVest states that there is a slight long-term short squeeze, emphasizing that short positions are increasing and funding is decreasing under this neutrality on the surface.
Is seller pressure being absorbed?
Binance regularly holds XRP's Taker Buy/Sell ratio at 0.91, indicating strong selling pressure. BorisVest notes that retail is aggressively trying to push XRP down with short roles, but the price remains stable. According to the analyst, if prices are not falling despite the selling pressure, there may be a small but strong buyer gain (absorption) cycle.
As a result, BorisVest believes that Binance XRP data shows a quiet and strong salary against aggressive seller pressure, and that this is the first mistake of possible sharp upward movements in the #xrp price.
