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Potential Boost For XRP, ADA Despite Heavy Shorting

21/06/2024 15:55

According to U.Today, despite heavy shorting, XRP and ADA could potentially see a boost. This information comes from a tweet by on-chain data provider Santiment, which suggests that the current situation could be beneficial for potential bulls. The tweet indicates that the heavy selling pressure on XRP and ADA, two of the top 10 cryptocurrencies, could act as 'rocket fuel' for continuous price rises. XRP and Cardano currently rank seventh and tenth on CoinMarketCap’s top 10 list of cryptocurrencies, with market caps of $27,712,761,245 and $14,013,014,797, respectively. Despite a large number of traders shorting these two cryptocurrencies, Santiment's analytics team believes this could be a positive sign for their future performance. Between June 14th and 17th, XRP saw an 11% rise from $0.46712 to $0.51843, followed by an 8.06% decline. Since then, XRP has been trading sideways, with a total increase of 4.5%. ADA, on the other hand, experienced a sudden 10% decline between Sunday and Monday, largely due to a massive red hourly candle, which pushed ADA down nearly 7%. However, Cardano’s native coin has since managed to recover by 6% and is currently trading at $0.394.

Bullish

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