In this bearish market sentiment, short sellers are highly active and are creating more short positions compared to long buyers. This is the third consecutive day of this week where the overall market continues to experience downside momentum. Amid this selling pressure, short sellers believe that Ripple’s native token XRP won’t reach the $0.619 level, according to an on-chain analytic firm CoinGlass.
Heavy short position at $0.619 level
While analyzing the data, it was observed that in the last 7 days, short sellers have bets of nearly $47.5 million at the $0.619 level. This massive position hints at the bearish mindset, as they think XRP won’t cross this level in the coming days.
At press time, XRP is trading near the $0.578 level and has experienced 4.5% downside momentum. Meanwhile, XRP’s trading volume remains stable during the same period, highlighting that participation from investors and traders remains the same despite the recent price drop.
XRP outperforms BTC, ETH, and SOL
Apart from this, XRP has also outperformed top assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) in terms of price performance. Over the last 30 days, XRP has experienced a price surge of over 21.5%. Whereas, BTC, ETH, and SOL have experienced price changes of 4%, -4.5%, and 11%, respectively.
XRP technical analysis and upcoming levels
According to expert technical analysis, XRP looks bullish and may experience price jumps of over 10% and may hit the $0.65 level in the coming days. Recently, XRP took support from a crucial level and the 200 Exponential Moving Average (EMA) on the daily time frame and is now moving in an upward direction.
Besides heavy short positions, an on-chain analytic firm Santiment recently posted on X (previously Twitter) that XRP currently has its highest bullish sentiment in the past 14 months. In addition to this, Santiment also noted that traders are very optimistic about top cryptocurrencies including XRP, BTC, ETH, and SOL.
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