XRP and ADA Experience Significant Increase in Trader Shorting following Relief Bounces

Renowned cryptocurrencies XRP and ADA have recently experienced a surprising twist in the altcoin market. Leading crypto analytics provider Santiment has revealed that both tokens have emerged as top contenders in terms of trader shorting. This shift in interest indicates a decrease in trader enthusiasm for these crypto assets. Santiment shared this market development on its official X account.
Cardano and XRP are among the prominent altcoins witnessing significant trader shorting after relief bounces. This is a promising sign for patient bullish investors, as the liquidation of short positions can serve as ‘rocket fuel’ for further price increases.
pic.twitter.com/lHdMCLbngR
— Santiment (@santimentfeed)
June 19, 2024
Traders Begin Shorting Ripple and Cardano, Expressing Doubt in the Current Altcoin Rebound
Santiment noted that this situation arose after relief bounces. The data suggests that traders are expressing doubt in the current altcoin rebound, leading them to move towards shorting both XRP and ADA.
This Development Could Fuel Continuous Price Surges
However, according to Santiment’s market analysis, there is a positive aspect to this event. The analytics firm believes that this could bode well for potential bullish trends. The current liquidation of short positions may contribute to significant price movements.
Santiment also emphasized that this gradual shift by traders can act as ‘rocket fuel’ for both cryptocurrencies, potentially leading to further value spikes.
Tags:
ADA
XRP