$XRP Traders Brace for Another Sharp Drop as Token Nears $1

Ripple's $XRP token is hovering near the psychologically important $1.00 level, prompting traders to prepare for another potential drop.

The cryptocurrency has been under pressure after modest declines in the previous session, and weakening derivatives-market indicators are limiting its prospects of an immediate recovery.

CoinGlass data indicates that derivatives traders have taken a bearish stance on $XRP, with a long-to-short ratio standing at 0.94, approaching its lowest level in over a month.

The ratio below one means short positions outnumber long ones, and the current readings suggest strong bearish sentiment.