XRP merchants on Binance seem to be refined because the long positions have exceeded short pants over the past few days. The latest Coinglass table The XRP/USDT Perpetual Market indicates that the talls continue to control – a sign that most merchants expect an increase in the price of XRP in the coming days.
XRP merchants remain bullish
A comparison between long and short situations on the graph shows that the revolutions (green bars) constitute more than 70 % of total areas during the designated period. The short pants (red bars) barely gained any large momentum.
However, the XRP feelings were not completely stable, as the graph shows the line sharp declines and apostasy. On about 19 May, interest from Longs decreased temporarily, as the top hand shorts gained before rapid recovery. During this period, the percentage of long accounts decreased to 50 % before recovery.
This shift reflects some uncertainty in the market, but the sharp return to a higher percentage shows an essential belief by merchants that the price of XRP can recover and continue to rise.
You may also like
The direction of the price (represented by the black line on the long/short bars) reflects the shift in feelings. Even during the decline in prices, Longs remained above 60 %, indicating that most traders consider decreases as opportunities to buy instead of the reasons for exit.
Since this long/short account ratio depends on the number of trading accounts on each side, it highlights the breadth of upward feelings. The large number of accounts that tend towards Longs indicates wider retail optimism.
However, the current wave of optimism about XRP can change quickly, especially if traders in the collaboration begin in other important elements such as macroeconomic conditions.
The active addresses XRP show a fixed activity
During, Data From Glassnode shows that the number of active headlines on the XRP network may have been significantly flipping over the past ten days. As of May 12, the active headlines stood a little from 38,000. However, he followed a sharp drop, with a decrease to about 33,000 by May 16.
On May 17, there was a sudden rise in activity, as active addresses rise nearly 44,000 – the highest level during this period. Twenty -four hours later, the number decreased to less than 30,000 and remained in this range for the next three days. Then, on May 21, it turned to about 33,000.
As of the latest CoinmarkketCap, XRP is trading at $ 2.41 after earning 1.28 % in the past 24 hours.
