XRP Traders Bet Big on Rebound Despite Bearish Sentiment

XRP traders are placing bets on a rebound despite the token's price struggling around $1. The surge in bearish chatter online has not deterred them, with futures open interest reaching about $2.78 billion on Monday, up 2% over 24 hours.

Trading volume jumped 55% to roughly $1.17 billion, according to CoinGlass. On Binance and OKX, the ratio of long positions to short positions is around 3.6 to one, indicating a heavy bias towards buying XRP.

Sentiment has turned negative, however, with commentary about XRP across various online channels reaching its most bearish in three months this week, according to Santiment. The token's price is down from above $3 at last year's highs and currently trades around $1.