The crypto market appears to have stabilized however traders are proceeding with caution while dealing with altcoins, like XRP, while continuing to rotate money into market leader bitcoin (BTC).
Payments-focused XRP, which Ripple uses to facilitate cross-border payments, has risen over 3% to $2.24 in the past 24 hours primarily on hopes that the legal battle between blockchain company Ripple and the Securities and Exchange Commission (SEC) could conclude soon.
Amid the price rise, cumulative open interest in perpetual futures listed across major exchanges has stabilized near 1.35 billion XRP, with annualized funding rates and cumulative volume delta printing negative, according to data source Velo.
Negative funding rates mean shorts are paying fees to counterparties to keep their bearish bets open. It shows the dominance of bearish short positions in the market. The negative…
