XRP traders bet on a rebound as price slips to $1 and bearish chatter surges

XRP traders are optimistic about a rebound, despite the token trading around $1, which is significantly lower than its previous highs. Online chatter has turned increasingly bearish, with sentiment reaching its most negative level in three months. Futures open interest, a measure of money tied up in derivative positions, surged to approximately $2.78 billion on Monday, marking a 2% increase over 24 hours.

Trading volume also rose by 55% to about $1.17 billion. Among Binance's largest traders, there were three long positions for every one short position, and the same ratio was observed among OKX's biggest traders. A long position signifies a bet that the price will increase, while leverage allows traders to make larger bets than their capital would normally permit, but at the risk of automatic liquidation if the market moves significantly against them.

Meanwhile, commentary about XRP across various online platforms, including X, Reddit, and Telegram, has reached its most negative state in three months. The scale of positioning can be gauged by the amount of XRP in futures positions, which now stands at 2.77 billion tokens, up from around 2 billion earlier this summer. This amount is close to levels observed when the token was valued several times higher.

Additionally, the blockchain is experiencing increased activity, with nearly 50,000 addresses being active within a 24-hour period, the highest level in over two months. This surge in activity, though not indicating whether traders are buying, selling, or merely moving tokens between their accounts, suggests heightened interest in the XRP ledger.