XRP Futures Traders Bet Big on Rebound as Price Fights to Stay Above $1

XRP futures traders are placing bets on a rebound despite the cryptocurrency's recent slump near $1. According to recent data, XRP futures open interest rose 2% over the past 24 hours to approximately $2.78 billion, while futures trading volume surged 55% in the same period to about $1.17 billion.

The market is witnessing a significant tilt towards long positions, with Binance and OKX showing a ratio of around 3.6 to 1 in favor of XRP longs over shorts. This trend suggests that investors are optimistic about a potential price rebound for XRP, which has been struggling to stay above the $1 mark.

However, investor sentiment remains negative, with on-chain analytics firm Santiment reporting that XRP-related sentiment across social media platforms has deteriorated to its most negative level in three months. The rise in pessimism comes as XRP has fallen back to around $1 from its previous highs above $3.