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.
Conversely, noted economic analyst Jesse Colombo painted a bearish narrative, highlighting XRP’s drop below its support zone.
“The head and shoulders pattern projects it sinking all the way back to 60 cents in a complete unwinding of its fall rally,” Colombo projected.
The head and shoulders chart pattern depicts a bullish-to-bearish trend reversal, signaling that an upward trend is nearing its end.
Why It Matters: These predictions come amid a significant downturn in the cryptocurrency market.
Price Action: At the time of writing, XRP was exchanging hands at $1.65, down 21.45% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency was down 18.92%.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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