There is a sustained demand or open interest for XRP on Binance as long traders are betting on the potential rally for the top coin in the near term.
Crypto analyst Ali Martinez, popularly called Ali_charts on X, published a chart showing traders on Binance Futures hold long positions on XRP. In a May 3 X post, Ali pointed out that about 71.54% of traders with open XRP positions are betting on the coin’s price going up.Â
XRP Long/Short Ratio at 2.51
By this figure, those who have placed their bet on the coin’s price going lower are only 28.46%. This puts the resulting long/short ratio, a metric that helps gauge market sentiment, at 2.51.Â
It reflects the bullish bias of those who leverage the Binance Futures channel for their trades. Notably, the long/short ratio compares the number of accounts holding long positions to those holding short positions.
Whenever the resulting ratio is above 1, it shows that more traders are anticipating price appreciation. On the other hand, a ratio below 1 is an indication of bearish expectations. Therefore, the current 2.51 ratio suggests that more than twice as many traders are betting on the coin’s price increase than a decline.
This increasing confidence comes amidst the broader crypto market fluctuations that saw Bitcoin record a notable drop. The flagship coin previously went below $95,000 but has suddenly registered some price rebound. As expected, the Bitcoin price rebound has ripple effect on other cryptocurrencies. However, there have also been some fluctuations.Â
At the time of this writing, XRP traded at $2.09, corresponding with a 3.80% dip within the last 24 hours.
XRP Outranks ETH in Japan and Latin AmericaÂ
Despite the coin’s current outlook, the coin has outperformed a few altcoins, including Ethereum (ETH).Â
Bitso, one of the significant cryptocurrency platforms in Latin America, released a report showing that Ripple Labs-linked token XRP surged among users in the region. Of all purchases made on the platform, the coin accounted for 9%, while Ethereum stood at 5% and Solana at 4%. Based on the update, Dogecoin recorded 2%. PEPE, a meme coin, followed XRP with 6%.
Similarly, XRP outranked ETH on SBI VC Trade, coming second only to Bitcoin, the largest cryptocurrency by market capitalization. This data underscores XRP’s growing popularity and mainstream adoption.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making decision.
