The critical scale is drowned with a decline in the encryption market
The cryptocurrency market took a sudden diving in the past few hours, with no XRP price.
XRP decreased, but financing rates are surprising
XRP has decreased by 2 % in the past hour, raising its total losses to about 8 % in the last day. At the time of this report, the cryptocurrency is traded about $ 2.04.
However, the financing rates on the functions of XRP derivatives are currently positive. What this means in terms of normal conditions is that traders who have long positions pay those who have short positions. In other words, the feeling of the derivative market is currently positive.
Can this mean that the price of XRP is about to recover? Not necessarily-positive financing rates are indicated only to the prevailing feelings, but feelings are not necessarily related to the short-term currency. Short positions of “cultivation” of positive financing rates can accumulate so that the market itself organizes a balance.
Crypting markets drowned
Elsewhere, the broader encryption market also declines.
As shown in the heat map above, the Bitcoin price is about $ 84,000, a decrease of about 1 % a day, but the losses that are drawn in some of them.
For example, Dogecoin (Doge) decreased by 8 %, Cardano (ADA) decreased by 6.6 %, and so on.
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