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/ratio currently stands at 2.09.
Notably, the same also applies to the exchange’s top traders who are in the top 20% of Binance’s users by margin balance.
This is not the case for Bitcoin: the largest cryptocurrency is currently being shorted by nearly 55% of Binance accounts.
Overall, however, a slight majority of traders (51.32%) are still betting against the Ripple-affiliated token, so the bullishness is limited to Binance and several other trading platforms such as BitMEX.
XRP’s open interest, which represents the total number of open derivatives contracts, currently stands at $3.15 billion after declining by more than 4% over the past 24 hours.
Nearly $4 million worth of XRP has been liquidated over the past 24 hours. Long positions make up the lion’s share of liquidations (61.5%).
At press time, XRP is up by 1.18% on the Binance exchange, changing hands 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 Apr. 7 amid a broader market sell-off driven by macroeconomic uncertainty.