Ripple Price Update: USD Shorts Became The Norm For XRP As Longs Decline April 17th
USD Shorts Become The Norm For XRP As Longs Decline April 17th
The volatile nature of cryptocurrency is continually proven during market ups and downs. Buying and selling is a normal part of the industry, with bear markets sliding in and taking over from time to time. Reading between the lines is important for investors, just because a cryptocurrency is in the top ten doesn’t declare it a current winner. Take XRP for example, the third largest cryptocurrency in the world is having some difficulties this year when compared to other cryptos.
The largely popular digital currency is low performing this year in relation to previous years. It’s difficult to understand time for XRP considering other digital currencies like BTC broke the $5,000 barrier and others climbed into double digits. Even so, there are still some positive trends happening for many investors. Taking a closer look at Bitfinex proves many of them are seeing superior gains with their investment due to the climb in XRPUSD longs.
An important note, however, is to pay attention to the bigger picture. Although the longs are doing well for some, the shorts have spiked even more in recent days. According to Behindtheledger, “Some are discussing record high XRPUSD longs on Bitfinex. It’s good to look at the ratio of shorts to longs rather than just the long though. Doing so reveals that shorts have increased more than longs in the past few days.”
Shorts for XRP are currently up some 85%, a number that should not be used as a price prediction. It’s still important to take the number into consideration. Numbers came in yesterday on April 17th. Some of the reasoning for this is because of the recent over-the-counter trading support Coincheck started earlier this month for Ethereum and XRP. Price increases occurred over the last few days, still many on social media channels like Twitter are not concerned with the numbers at all. Behindtheledger commented on the tweet with’ “Wake me up at 38 cents.”
The comment received support from other cryptocurrency traders as well. As for Coincheck adding XRP ETH to its target currency list, it’s been a long time coming even though it only started on April 1st of this year.