Today X, there are again rumors going around: Société Générale (France) has deployed the euro stablecoin EURCV to the XRP Ledger.
The news is true, but there’s one very important detail—this is old news that was already published on February 18, not something that happened today.
Also, EURCV takes a multi-chain approach; it was previously deployed on Ethereum and Solana, and later moved into XRPL. It shows that traditional banks are willing to use public-chain settlement, but you can’t simply translate that into “banks are starting to buy lots of XRP.”
More interesting is what the derivatives/contract order book looks like right now: over the past 24 hours, XRP is about -0.5%, yet the value of positions over the past ~12 hours has increased by about 4.4%. The global long-to-short account ratio is about 3.09—there are clearly more long accounts—but the latest active buy/sell ratio is only about 0.45, with active sell orders actually in the lead.
This isn’t a structure I like to chase longs with: price hasn’t broken out, new leverage is still increasing, and sentiment is clearly skewed bullish.
My observation level is around 1.01. If the price reclaims and holds above that level, and active buying returns above 1, then the old news might be re-priced by the market. If positions keep piling up while the price breaks down below around 0.984, I’ll prioritize defending a round of longs getting over-leveraged.
The news is real, but that doesn’t mean it’s new. And even if it is new, it doesn’t mean the price hasn’t already reflected it.
#XRP #XRPL #stablecoin
The news is true, but there’s one very important detail—this is old news that was already published on February 18, not something that happened today.
Also, EURCV takes a multi-chain approach; it was previously deployed on Ethereum and Solana, and later moved into XRPL. It shows that traditional banks are willing to use public-chain settlement, but you can’t simply translate that into “banks are starting to buy lots of XRP.”
More interesting is what the derivatives/contract order book looks like right now: over the past 24 hours, XRP is about -0.5%, yet the value of positions over the past ~12 hours has increased by about 4.4%. The global long-to-short account ratio is about 3.09—there are clearly more long accounts—but the latest active buy/sell ratio is only about 0.45, with active sell orders actually in the lead.
This isn’t a structure I like to chase longs with: price hasn’t broken out, new leverage is still increasing, and sentiment is clearly skewed bullish.
My observation level is around 1.01. If the price reclaims and holds above that level, and active buying returns above 1, then the old news might be re-priced by the market. If positions keep piling up while the price breaks down below around 0.984, I’ll prioritize defending a round of longs getting over-leveraged.
The news is real, but that doesn’t mean it’s new. And even if it is new, it doesn’t mean the price hasn’t already reflected it.
#XRP #XRPL #stablecoin