XRP's $1 Price Sparking Bearish Chatter Amid Heavy Futures Bets
XRP traders are taking bets on a rebound as the price of the token slips to $1, sparking bearish chatter. According to CoinDesk data, over 2.77 billion XRP now sits in futures positions, nearing levels last seen when the token was worth several times more.
The ledger is getting busier too, with nearly 50,000 addresses active over one 24-hour stretch, the most in more than two months, per Santiment. This indicates that more wallets are using the ledger, but it's unclear whether they're buying, selling or shuffling tokens between their own accounts.
The long-to-short ratio across all venues is close to balanced at about 0.93 over 24 hours, meaning positioning market-wide is near equilibrium. However, a heavy long bias sits on Binance and OKX among their bigger accounts.