Add as a preferred source on GoogleXRP Gains 2.34% as Its Binance Leverage Ratio Drops 26%
The ratio fell to about 0.169 from 0.229 in September, but the measure does not show whether traders were bullish or bearish.
XRP, the native token of the XRP Ledger, rose 2.34% over 24 hours to $1.3660 on Binance at 7:09 p.m. ET (23:09 UTC) Wednesday, Oct. 21.
Binance’s estimated leverage ratio for XRP stood at about 0.169, down 26.2% from 0.229 in September. The ratio compares open interest with exchange reserves.
A lower reading can reflect traders closing positions or using less leverage. Arab Chain wrote that the decline “does not necessarily mean that traders are shifting toward selling.”
The price’s 24-hour gain and the ratio’s decline from September moved in opposite directions. Those comparisons do not show whether traders were turning bullish or bearish, or establish that XRP’s recovery will continue. The ratio’s 26.2% drop is measured against September, not the price’s 24-hour change.
XRP had also faced selling pressure near technical support levels.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.