Logo
Cardano Ecosystem

Blockchain Reporter

06/20/2024

·

90 views


XRP and ADA See Huge Trader Shorting after Relief Bounces

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...

XRP and ADA See Huge Trader Shorting after Relief Bounces

xrp-ripple

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

and

tokens.

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.

Umair Younas

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Blockchain Reporter

ORIGINAL SOURCE

https://blockchainreporter.net/xrp-and-a...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Rare Evo: A Blockchain Event

More from Blockchain Reporter

See more
Rollblock Poised For 1000x Price Explosion As INJ and ADA Holders Lured By Money Printing Revenue Share Model
Blockchain Reporter
Rollblock Poised For 1000x Price Explosion As INJ and ADA Holders Lured By Money Printing Revenue Share Model

yesterday at 4:00 PM

·

14 views

Related News

See more

Argentina Digital Nation 2024
Rare Evo: A Blockchain Event
Argentina Digital Nation 2024

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)