Ripple XRP Traders Bet Big on Further Price Declines

XRP is struggling to hold onto its value as traders increasingly position themselves for further price declines. The cryptocurrency has been drifting towards the psychologically important $1.00 level and remains under pressure on Tuesday.

Weakening derivatives-market indicators suggest that an immediate recovery may be unlikely, with declining long-to-short ratios, negative funding rates, and rising open interest all pointing to a bearish outlook for XRP.

Data from CoinGlass indicates that derivatives traders have adopted a strongly bearish stance towards XRP, with the cryptocurrency's long-to-short ratio standing at 0.94 on Tuesday - its lowest level in over a month.