XRP Long Positions on Binance

According to data provided by CoinGlass, Binance users are overwhelmingly long XRP.

An impressive 67.6% of accounts are on the long side of the trade. The long/short ratio currently stands at 2.09.

Notably, this sentiment extends to the exchange’s top traders, who are in the top 20% of Binance’s users by margin balance.

In contrast, Bitcoin is currently being shorted by nearly 55% of Binance accounts.

Overall, though, a slight majority of traders (51.32%) are still betting against the Ripple-affiliated token, indicating that bullishness is limited to Binance and a few other trading platforms like BitMEX.

XRP’s open interest, which represents the total number of open derivatives contracts, currently stands at $3.15 billion, having declined by more than 4% in the past 24 hours.

Nearly $4 million worth of XRP has been liquidated in the same period, with long positions making up the lion’s share of liquidations (61.5%).

As of press time, XRP is up 1.18% on the Binance exchange, trading at $2.15. Earlier today, the cryptocurrency reached an intraday high of $2.16.

The token has now recovered by roughly 25% after plunging to a multi-month low of $1.6 on April 7 amid a broader market sell-off driven by macroeconomic uncertainty.