XRP’s (XRP-USD) short-term price action is looking grim as traders are doubling down on bearish bets. On Thursday, over $15 million worth of XRP flowed into centralized exchanges like Bybit and Kraken, according to Coinglass data. Such inflows often signal an intention to sell, which could hinder any immediate rally for the token.
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Short Traders Dominate XRP Markets
Traders holding short positions seem confident. XRP’s perpetual funding rates stood at -0.0065% Thursday morning, indicating a bias for price drops. Negative rates like these mean short traders are paying long traders to keep their bearish positions open. Notably, this sentiment is stronger for XRP than for Bitcoin or Ethereum.
Technical Indicators Paint a Mixed Picture
XRP trades below key moving averages, with immediate resistance at $2.49 and another hurdle at $2.60. Breaking past these could restore a bullish outlook. However, the token’s 14-day relative strength index (RSI) stands at 36, suggesting it’s not yet oversold but remains in a neutral zone.
At the time writing, XRP is sitting at $2.4539.
