XRP Traders Remain Overwhelmingly Long on Binance
Emily HarrisBinance Traders Bullish on XRP as Long Positions Outpace Shorts
The recent Coinglass chart for the XRP/USDT perpetual market on Binance reveals a surge in bullish sentiment among traders. Over the past few days, long positions have consistently outpaced short positions, signaling widespread anticipation of an XRP price rally.
Longs Dominate Market Sentiment
The data shows longs (green bars) accounting for over 70% of total positions, while shorts (red bars) have struggled to gain meaningful traction. This significant gap underscores the prevailing optimism among XRP traders on Binance.
Market Volatility and Recovery
Despite the bullish trend, the market hasn't been without fluctuations. On May 19, long positions briefly dipped below 50% as shorts gained temporary momentum. However, the rapid recovery to higher long ratios demonstrates traders' strong conviction in XRP's upward potential.
Price Action Mirrors Sentiment
The price trend (black line) closely follows these sentiment shifts. Notably, even during price corrections, long positions remained above 60%, suggesting traders viewed pullbacks as buying opportunities rather than exit signals.
Retail Optimism Driving Market
The high long/short account ratio indicates strong retail investor confidence, as this metric tracks the number of trader accounts on each side of the market.
Potential Market Influencers
While current sentiment remains positive, traders should monitor macroeconomic factors that could quickly shift market dynamics. Additionally, Glassnode data shows XRP network activity fluctuating significantly, with a notable spike on May 17 followed by declines.
At press time, XRP is trading at $2.41, up 1.28% in the last 24 hours according to CoinMarketCap.
