CandleFocus XRP Futures Traders Bet Against Recovery Amid 10% Weekly Price Slump
2025-02-26
Author: Content Editor
The price of XRP, the fourth largest cryptocurrency by market capitalization, has declined by 10% over the past week, reaching $2.30. This downward trend has led to an increase in short positions by XRP futures traders, indicating bearish sentiment. On-chain data also supports this pessimism, with the long/short ratio standing at 0.99, suggesting more traders are betting on further price declines. XRP's negative weighted sentiment, currently at -0.66, further confirms this bearish bias. The cryptocurrency has been trading within a descending triangle pattern since reaching an all-time high of $3.40 in January, suggesting potential further declines if the support level of $2.27 is broken. However, if market sentiment becomes bullish, there is potential for XRP to break above the descending triangle and reach $2.81.
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