With investors eagerly anticipating a much-needed rebound in the price actions of the crypto market, Cardano (ADA) and Ripple’s XRP have emerged as two of the most prominent altcoins experiencing heavy trader shorting after a brief respite.
This activity comes amidst mild hints of a rebound in their prices.
Heavy Shorting on ADA and XRP
According to the data shared by Santiment, the finding rates for both ADA and XRP on Binance have spiked into positive territory multiple times, indicating a dominant shorting vs. longing ratio since September 2023 for the former and May 2024 for the latter.
The recent upticks may have led traders to believe that a downtrend is likely, thereby prompting many to short the two altcoins.
However, Santiment believes this heavy shorting activity could be a positive signal for “patient bulls.”
