On-chain analytics platform Santiment The article has highlighted a possible factor to Cardano (ADA) and XRP The market is continuing to move upwards. The tokens have both seen relief pumping following recent crypto-market declines, but traders do not believe that this is a long term trend. bullish reversal.
Cardano and XRP prices could rise due to heavy shorting by traders
Santiment claimed on X post Cardano, XRP and other crypto currencies are experiencing heavy shorting by traders. “rocket fuel” For continued price growth for these crypto-tokens. Santiment Cardano (XRP) and XRP are amongst the altcoins most heavily shorted as a result of their recent relief bounces.
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This is a very interesting term. “good sign” They believe in the patience of bulls. liquidation of these short positions These crypto tokens could be gaining the necessary momentum to climb higher. Cardano, XRP and other altcoins being listed as the most-shorted crypto tokens shouldn’t be surprising since they have been the worst performing coins amongst the top 50 cryptocurrency tokens this year.
Cardano, XRP and the broader crypto markets have failed to experience significant relief pumps when Bitcoin (BTC), or other crypto markets enjoy a major rebound. Cardano, XRP and other cryptos have seen modest gains in recent months. This could change this time around. price recovery Some people are able to work while others cannot. other altcoins lag.
Data Coinglass’ data shows Santiment’s theory is already in action, as Cardano bears and XRP bulls both suffered substantial losses over the past 24 hours. During this time, over $50k in Cardano positions short were liquidated. Cardano positions long did not see a penny liquidated. In a similar way, over $30k in XRP has been liquidated whereas XRP long positions remained unaffected.
There could be a major move for XRP in the near future
Crypto analyst Egrag Crypto Recently, predicted He said that XRP’s price could increase by 1,700% in the first half of July. He alluded XRP’s quarter hammer formation Between April and June 2016, and between July and September 2017, the crypto token did not enjoy a big boost. This crypto analyst claimed that XRP would be able to form a bullish pattern as long as it closed the 3-month candle at $0.55-$0.58 in the next 10 days.
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Egrag Further, if the hammer is like the 2016 one, the XRP price could start the 1,700% rally projected in July and eventually send the cryptocurrency token to $8. If the hammer is like the 2017 one, Egrag said that the crypto token could be $8 in six months. “epic” Pump of about 5,500% sending XRP’s price to $27.
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com
