The XRP images stock prices have risen sharply today, rising by 158.19% on Friday, March 27.
In the past 24 hours, the price of the XRP coin, which traders pay each other periodically to keep the price of the contract fixed at its price, rose to 0.0028, according to the market. data shared with CryptoQuant. This followed a negative earnings session on Thursday, meaning longs were giving money to short sellers.
The rise of the positive side indicates that a large part of the traders have shifted to a bullish position. However, Open Interest (OI) – the total value of active and unsettled contracts on all exchanges – fell 0.25% over the past 24 hours to $823.94 million recently. hit the peak every week.
The slow decline in OI, despite the increase in revenue, suggests the move reflects a reinvestment of existing assets rather than a speculative inflow from market participants.
Why is the price of XRP falling among the best coins?
Despite the price traders are leaning, the price of XRP fell by 1.27% in the last 24 hours to about $ 1.34 at the time of reporting. This has caused the stock to drop weekly by up to 7%, bringing its market cap to around $82 billion.
This gap between bullish and bearish derivative sentiment is a common trend in the market, which is often driven by bearish sentiment that exceeds traders’ expectations. In the case of XRP, the main contributor was the long-term squeeze, where the price drop forced traders who were too drunk to sell or get liquidated, exacerbating the decline due to the slow downtrend.
In the last 24 hours, about $6.69 million in XRP derivatives were liquidated, mostly involving long traders and confirming that the long squeeze was very important.
