Ripple and Stellar Extend Gains as Derivatives Metrics Turn Bullish
Ripple (XRP) and Stellar (XLM) have extended their gains in recent days, with both altcoins surging over 6% and 8%, respectively. Derivatives metrics are showing a bullish bias among traders, indicating further gains for XRP and XLM.
The long-to-short ratio on Coinglass shows a ratio above one for both assets, indicating bullish sentiment. For XRP, the ratio is 1.15, while for XLM it's 1.35. The funding rates have also flipped positive, with XRP reading 0.0085% and XLM at 0.0095%, suggesting that long traders are paying shorts.
However, CryptoQuant's summary data shows some cautionary signs for both altcoins. For XRP, the spot market is showing overheating conditions, while the futures market has sell-side dominance. Retail traders are also active in XRP, indicating a bearish sentiment bias among Ripple traders. For XLM, large whale orders are being placed in the spot market, but the futures market shows sell-side dominance, indicating a negative outlook among Stellar traders.
XRP's technical outlook is looking positive, with price holding above the 50-day, 100-day, and 200-day EMAs. The RSI is hovering just below 60, indicating positive momentum. However, the MACD remains marginally negative, suggesting that bullish pressure is moderating rather than accelerating.
XLM's technical outlook is also looking up, with price holding above the 50-day, 100-day, and 200-day EMAs. The RSI is around 61, showing firm but not overstretched bullish momentum. A slightly positive MACD reading suggests that upside pressure is gradually rebuilding after recent consolidation.