$XRP Futures on Binance Defy Recent Price Drop with Bullish Sentiment
The XRP futures market on Binance is showing a surprising level of bullishness despite the recent price drop. The $XRP spot price has fallen to $1.38, down 1.55% from the previous session.
However, CoinGlass data reveals that most investor groups on Binance, including whale accounts and retail traders, remain long. Whale accounts have a long/short ratio of 2.74, placing their sentiment in the Extremely Bullish category.
This is not the case for Smart Money, which represents more experienced market participants who may have access to better market tools and information. They record an Extremely Bearish reading on Binance, going against the wider bullish trend.
$XRP has seen significant long liquidations over the past 24 hours, with $7.62 million in forced closures due to long positions. This raises questions about whether traders are treating the dip as a chance to buy or if the large number of long positions will face more liquidations if the decline continues.