XRP Mooning Soon?! 🚀🌕

Right, so Ripple, or XRP as it’s known to its friends (and enemies, presumably), has only managed a teensy-weensy 🤏 drop in value over the last month – a whole 15.61%. Which, let’s be honest, in the crypto world, is practically standing still. You could almost set your watch by it. Almost.

But! (There’s always a but, isn’t there?). Word on the street – or rather, on the blockchain – is that things might be about to, you know, *change*. A rally, they whisper. A glorious, shimmering rally. Could it be true? Is XRP finally going to do something other than gently bobbing up and down like a lost buoy in the ocean of crypto?

Now, your humble narrator (or rather, AMBCrypto analysis) is here to delve into the murky depths of derivative sentiment to see if it can overcome the fact that, well, nobody seems particularly bothered about actually buying XRP right now. 🤔

The Majority Goes… Bullish? Seriously?

Apparently so! In the wild and wacky world of derivatives, a whole heap of traders have decided to bet the farm on XRP going up. 70.33% of ’em on Binance, no less! That puts the long-to-short ratio at a whopping 2.37. Which, if you understand crypto-speak, means… well, it means a lot of people are feeling awfully optimistic. Or maybe they’re just feeling lucky? 🤷

And it’s not just Binance. Open interest on Coinglass is up to $679.47 million, with a cool $477.87 million of that belonging to the long-shot hopefuls. They’re not messing around, these guys. They’re in it to win it… or lose it all spectacularly. 💥

Over on Bitget, things are even crazier. Open interest is a cool $1.04 billion. So, yeah, people are definitely, maybe, possibly thinking XRP might do something exciting. Or they’re about to learn a harsh lesson about the joys of leverage. 😅

This overwhelming bullishness *should*, in theory, translate into actual price movement. Higher highs! Lower lows! (Wait, no, scratch that last one). The sentiment is rising, the derivatives market is growing. It’s all pointing to a rally. In theory.

Derivative Market: Still Kicking (Sort Of)

The derivatives market remains stubbornly bullish, bless its cotton socks. Long traders are even paying a premium to short traders, which sounds like some kind of bizarre crypto-charity. They’re trying to bridge the gap between the spot and futures markets, apparently. Good luck with that. 🙄

The funding rate is a positively thrilling 0.0059%. Hold onto your hats, folks! This, historically, means… well, it *could* mean upside potential. Maybe.

All this activity has had a *subtle* impact on XRP’s price – a 0.99% drop. But hey, silver linings, right? It’s resulted in “significant” (a relative term, I suspect) short liquidations. So, someone’s losing money. Always a good sign… for schadenfreude, anyway.😈

A whole $2.4 million worth of short positions were “forcefully closed.” Ouch. That’s gotta sting. All because the price dared to move against them. Serves ’em right for being bearish, I say! (Disclaimer: I have no idea what I’m talking about.)

But, despite all this derivative-driven excitement, there’s a nagging problem: momentum. Or rather, the lack thereof. 😩

Will the Lack of Oomph Derail the XRP Express?

The market, it seems, is suffering from a severe case of inertia. It can’t be bothered to actually rally. In the last 24 hours, trading volume has plummeted by a hefty 50.69% to a measly $4.98 billion. Peanuts, I tell you! Peanuts! 🥜

This decline, coupled with general market malaise, is not exactly a recipe for success. It’s like trying to start a car with a flat battery and a punctured tire. Good luck with that.

The falling momentum and declining price suggest that sentiment is, well, weakening. Which may eventually – gasp! – favor the dreaded bears. 🐻

Even the options market is getting in on the act of disinterest. Trading volume is down by a staggering 62.51%. It’s like nobody wants to play with XRP anymore. 🥺

Continued drops in volume mean there’s simply not enough support for an upward move. XRP could face a further price decrease. Which, of course, puts all those brave (or foolish) long traders in the derivatives market at significant risk of, shall we say, *disappointment*. So, buckle up, folks. It could be a bumpy ride! 🎢

2025-04-06 17:20

The Majority Goes… Bullish? Seriously?

Derivative Market: Still Kicking (Sort Of)

Will the Lack of Oomph Derail the XRP Express?

Read More