Bitrue hints at an XRP bullish wave, as 90% of its users place long positions, awaiting the XRP moon.
The prominent crypto trading platform Bitrue has recently sparked a wave of enthusiasm around XRP. In a recent tweet, Bitrue charged the XRP Army about their readiness to welcome the much-projected bullish XRP wave.
“Are we ready to send XRP to the moon?” the exchange proclaimed in the post on the X platform.
Are we ready to send $XRP to the moon? 🚀
— Bitrue (@BitrueOfficial) October 23, 2023
Unlike other posts on Bitrue’s X account, the XRP moon tweet garnered significant attention from XRP enthusiasts. Many responded in the affirmative that they have longed for XRP’s moon.
Bitrue Users Ready for XRP Moon
Interestingly, users of the Bitrue trading platform have given more credence to Bitrue’s XRP moon hint. The overwhelming majority of users trading XRP derivative contracts on Bitrue bet that XRP’s price was ready for the moon.
Specifically, the exchange’s homepage suggested that Bitrue users hold over $783 million in XRP-USDT futures contracts. Of the numbers, more than 90% of traders opened a long position for XRP on Bitrue. This implies the traders are extremely optimistic about the price trajectory of XRP in the coming weeks.
Besides, the diagram below suggests that traders bullish about XRP on Bitrue have maintained a consistent outlook for the past 30 days.
XRP Futures on Other Platforms
However, futures traders on other platforms are not as bullish about XRP as Bitrue users. Data from Coinglass, the preeminent tracker of the derivative market, indicated that traders are slightly more bearish about XRP based on the opened position on eight centralized exchanges. The exchanges include Binance, OKX, Bitget, BingX, Bybit, CoinEx, Kraken, and Huobi.
Specifically, the ratio of long to short positions on the exchange is 48.9% against 51.09%. In dollar values, traders in the eight exchanges opened $1.30 billion in long positions, while shorters placed $1.36 billion.
Notably, these figures imply there is almost a tie between those hopeful and those pessimistic about XRP’s performance, though the bears are leading.
XRP currently exchanges hands at $0.5505, as crypto market participants traded over $2 billion XRP in the last 24 hours. XRP’s market valuation is about breaking the $30 billion market as its one-week performance remains stronger by over 12%.