XRP Under Pressure as Bearish Sentiment Persists

Ripple's XRP token has been struggling to recover from its recent decline, falling over 2% in the past few days. According to on-chain data, sell-side dominance is currently prevalent in the XRP market, with a long-to-short ratio of 0.83 indicating that short positions outnumber long ones.

The futures market for XRP also shows signs of overheating, with retail traders contributing to some of the current activity. However, several indicators remain neutral, suggesting a cautious and moderately bearish sentiment among XRP traders.

XRP's derivatives positioning is conflicting, with some traders expecting its price to decline. The token's long-to-short ratio has fallen to 0.83, approaching its lowest level in a month, while the funding rate turned negative on Wednesday at -0.0012%.