The price of XRP, the native token of the XRP Ledger, has been steadily moving up over the last few weeks to now trade at $0.686 after rising more than 32.5% over the past month, and traders on the Bitrue exchange appear to believe XRP’s price will keep surging in the near future.
According to data shared by the cryptocurrency trading platform, Bitrue’s future traders are holding over $355 million worth of USDT long positions. The stats show that 91% of the contracts on Bitrue are longing XRP – betting on its price rising – while only 9% are betting on an XRP price drop.
Notably a number of cryptocurrency analysts have made bullish XRP price predictions over the last few weeks, with pseudonymous trader Cryptoinsightuk recently suggesting historical data shows it could soon move up between 1,000% and 1,485%.
As CryptoGlobe reported, historical data suggests XRP could soar by an estimated 77% during the month of November, as according to historical data the cryptocurrency’s price has surged significantly in November, with a record 531% rise in November 2013.
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Over the past five years, November has predominantly been unprofitable for XRP, except for 2020 when it saw a significant 178.3% gain. This suggests that the value of XRP could soon surge based on its long-term historical data for November, or it could dip following last five years’ pattern.
Back in April, in an unexpected move the price of XRP crashed to $0.0001 on Bitrue after experiencing a flash crash, as it became nearly worthless before experiencing a swift recovery.
This dramatic event resulted in the liquidation of most XRP long positions held by traders on the platform. News of the flash crash quickly spread on the microblogging platform X, where various users pointed out their positions were liquidated by it, and that the precipitous price decline wasn’t addressed by the exchange.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/11/traders-confidence-in-xrp-sky-high-on-this-exchange-with-91-in-long-bets/
