XRP (CRYPTO: XRP) may have been hammered in the Sunday crash, but futures traders are optimistic that the price will recover soon.
What Happened: About 74% of Binance traders with open XRP futures positions were positioned long on the fourth-largest cryptocurrency, according to Coinglass, up from 70% a day ago. This is despite a 21% drop in its price in the last 24 hours.
A few predictions justified the positioning. Widely followed cryptocurrency analyst CrediBULL Crypto opined that XRP’s pullback before outperformance made sense.
“I remain more bullish than ever on XRP and its continued outperformance. This would just be a small speed bump along the way, nothing more,” the analyst added.
Interestingly, the analyst said they expect a “deviation” and not a “breakdown” below $1.80 before the next leg up.