Ripple Sees XRP/USD Longs at its Highest Ever Peak while Shorts Head South, Going Lower
The third-largest cryptocurrency by market cap of almost $14 billion is trading at $.0.332 with 24-hours loss of 2.85 percent, as per the Coinmarketcap data.
On December 15th, XRP went to its yearly low at around $0.277 from November high of $0.553. With this decline, XRP lost 50 percent of its value in just over a month just like the rest of the market. However, before ending 2018, XRP once went to $0.433 level but closed the year at $0.362.
Starting in 2019, XRP fell to $0.28 and continued trading near that level. It has been only in April when Bitcoin surged more than 20 percent in an hour that the whole market including XRP jumped as well going to $0.372. Earlier this week, XRP dropped to $0.315 point only to surge to $0.347 yesterday.
XRP USD, Source: TradingView
XRP price has been failing to show much strength despite receiving a number of positive news. Ripple continues to add more partnerships and working on global expansion, in the past few days only, we saw Huobi’s US arm announcing more trading pairs for XRP viz. USD/XRP, BTC/XRP, USDT/XRP after it announced XRP derivatives contract on its OTC trading platform.
Moreover, Yoni Assai, the CEO of social trading platform eToro reiterated his company's interest in becoming an xRapid partner as he tweeted about discussing XRP-based cross border payment solution and the importance of banks in the digital economy with Brad Garlinghouse, the CEO of Ripple.
Meanwhile, we also saw Ripple moving large amounts of XRP. A total of 107,000,000 XRP worth over $36 million has been transferred by the company. More than 50 percent of the total supply of XRP is owned by Ripple with most of it locked in escrow. Each month, Ripple releases $1 billion in XRP and sells a portion of it to the likes of cryptocurrency exchanges and interested parties.
XRP USD Longs On ATH While Shorts On A Decline
Despite being there potentially positive news, the third largest digital asset has not been able to make a substantial move, actually, it is down by more than 5 percent till date in 2019, unlike other top cryptos that are up 50 to 100 percent and even more.
This lack of movement could also be attributed to the fact that XRP USD Longs have reached to an altogether new level.
XRP USD Longs, Source: TradingView
In mid-November, the longs reached 74292183 while today it climbed to 80997697 that has been on a surge since January 17th and just went in a straight upwards line from April 16.
XRP USD Shorts, Source: TradingView
While longs are breaking every record and continuously surging, XRP USD shorts are on a constant decline. In early December last year, the shorts went to their highest point but since then has been constantly moving lower to 6128600. Though on August 17th, shorts shot up, they are moving down again.