XRP Longs on Bitfinex Hit 3-Week High Above 5M Tokens
- —Bitfinex XRP longs hit 5.088 million tokens on Oct. 20, down from a Sept. 22 peak of 7.539 million
- —XRP longs account for $1.20 billion, or 51.02%, of leveraged exposure across derivatives markets
- —XRP rose 2.44% on Oct. 20 to close above $1.33, its largest intraday gain in a month
- —Key resistance sits at $1.3877, with support at $1.2857 and then $1.24
Why it matters: Rising longs show traders positioning for a reversal, but a break below $1.2857 could trigger a wave of forced closures.
Source: The Crypto Basic