XRP and ADA See Huge Trader Shorting after Relief Bounces
The post XRP and ADA See Huge Trader Shorting after Relief Bounces appeared on BitcoinEthereumNews.com.
The well-known crypto assets XRP and ADA have recently witnessed a surprising development in the altcoin sector. As per the prominent crypto analytics provider Santiment, both the tokens have occupied top positions among the altcoins experiencing huge trader shorting. Keeping that in view the interest of the traders is reportedly decreasing in the crypto tokens. The analytics platform disclosed the respective market turn on its official X account. 📈 Cardano and XRP are a couple of the most notable altcoins that are seeing heavy trader shorting following relief bounces. This is a good sign for patient bulls, as liquidates shorts can effectively act as ‘rocket fuel’ for continued price rises. pic.twitter.com/lHdMCLbngR — Santiment (@santimentfeed) June 19, 2024 Traders Start Shorting Ripple and Cardano, Displaying a Disbelief in the Current Altcoin Bounce Santiment added that this whole episode has taken place after the relief bounces. As the statistics show, this development points toward the disbelief of the crypto traders in the current altcoin bounce. As a result of this, the trading parties are reportedly moving toward shorting both the andtokens. The Development May Contribute to Continuous Price Surges Nonetheless, in line with the market analysis of Santiment, this whole event also has a positive aspect. According to the analytics firm, this may offer a good omen for likely bulls. At the moment, the situation of liquidated shorts can contribute to further big moves. Santiment added that this may pave the way for price hikes. In addition to this, the analytics company brought to the front that this gradual move of the traders will operate as a ‘rocket fuel.’ Keeping that in view, the prices of both crypto coins may potentially see continued spikes in terms of value. Source: https://blockchainreporter.net/xrp-and-ada-see-huge-trader-shorting-after-relief-bounces/
Filed under: News - @ June 20, 2024 11:20 am