On-chain analytics platform Santiment Has outlined one factor that may contribute 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, XRP and Cardano prices may rise as a result of heavy traders shorting.
Santiment claims in an X post Cardano, XRP and other crypto currencies are experiencing heavy shorting by traders. “rocket fuel” Continued price increases for crypto tokens. Santiment Cardano 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” The patient bulls believe they are the only ones who can be trusted. 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 (BTC), and the broader cryptocurrency market, have not experienced significant relief pumping when Bitcoin and other cryptos are experiencing a huge recovery. This time, however, could be different as Cardano (XRP) and the broader crypto market have experienced a modest 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. Cardano’s short positions were liquidated for over $50,000 during the same period. However, Cardano’s long positions did not lose a cent. Over $30,000 worth of XRP positions were liquidated, while the long positions remained unaffected.
The XRP market is about to undergo a significant change.
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 The crypto token experienced a significant boost between July and August 2017 and April to June 2016. This crypto analyst claimed that XRP would be able to form this bullish chart again if it closed the 3-month candle at $0.55-$0.58 in the next 10 days.
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Egrag However, if it is the same as the 2016 hammer shape, the XRP crypto token could reach $8 in August if this 1,700% projected price rise occurs. Egrag stated that, however, if it is the same as the one from 2017, XRP owners might need to wait six more months. “epic” Pump of about 5,500% sending XRP’s price to $27.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com