XRP shorts just took a hit: 1.08 million XRP liquidated in 24 hours, nearly 12 times the longs, at just 91,000 XRP.
The price held at $1.3872, up 4.7%, and briefly touched $1.3992 during the day. The frustrating part: spot buyers didn’t join in. They were net sellers of 1.62 million XRP, worth around $2.2 million. Meanwhile, open interest jumped another 4.3% to 327.1 million contracts, worth about $454 million. So it wasn’t just old positions closing—new positions were being opened too.
Funding rates remain mild, at 0.004% to 0.01% every 8 hours. The long-account ratio eased slightly from 73.1% to 70.2%, suggesting traders are mostly taking profits gradually rather than chasing the top.
I’m leaning toward this being a short squeeze that could support the price for a few sessions, then run out of steam if spot money doesn’t come in. If a 4-hour candle closes above $1.3992 and spot taker flow turns positive, I’ll change my mind and turn more bullish. If it breaks below $1.3170, I’m out.
#XRP #Altcoin
The price held at $1.3872, up 4.7%, and briefly touched $1.3992 during the day. The frustrating part: spot buyers didn’t join in. They were net sellers of 1.62 million XRP, worth around $2.2 million. Meanwhile, open interest jumped another 4.3% to 327.1 million contracts, worth about $454 million. So it wasn’t just old positions closing—new positions were being opened too.
Funding rates remain mild, at 0.004% to 0.01% every 8 hours. The long-account ratio eased slightly from 73.1% to 70.2%, suggesting traders are mostly taking profits gradually rather than chasing the top.
I’m leaning toward this being a short squeeze that could support the price for a few sessions, then run out of steam if spot money doesn’t come in. If a 4-hour candle closes above $1.3992 and spot taker flow turns positive, I’ll change my mind and turn more bullish. If it breaks below $1.3170, I’m out.
#XRP #Altcoin