Popular on-chain data provider Santiment has posted a tweet that may delight the XRP and ADA communities. This good news, according to this report, shines despite the fact that a large number of traders are shorting these two cryptocurrencies right now. These traders do not believe in the current altcoin rebound, according to the report.
Popular on-chain data provider Santiment has posted a tweet that may delight the XRP and ADA communities. This good news, according to this report, shines despite the fact that a large number of traders are shorting these two cryptocurrencies right now. These traders do not believe in the current altcoin rebound, according to the report.
“Rocket fuel” for XRP, ADA could be on the horizon
The tweet says that despite the heavy selling pressure on the top 10 coins, XRP and ADA, at the moment from traders who are shorting after the recent price bounces, this is actually a good sign for the bullish potentials.
This short selling can act as “rocket fuel” for continued price increases, the Santiment analysis team stated.
XRP and Cardano are currently ranked seventh and tenth on CoinMarketCap’s top 10 cryptocurrencies list, with their market capitalizations at $27,712,761,245 and $14,013,014,797, respectively.
Yuri MolchanXRP and ADA, recent price roller coaster
Between Friday and Monday (June 14-17), the Ripple-affiliated XRP coin saw an impressive 11% rise from $0.46712 to the price of $0.51843. However, this was followed by an equally massive drop, as the currency fell 8.06% on Tuesday. Since then, XRP has been trading sideways, with a total increase of 4.5%.
ADA recorded a sudden 10% drop between Sunday and Monday, which occurred largely due to a huge hourly red candle, which caused ADA to drop almost 7%. At this point, Cardano’s native coin has managed to recover 6% and is changing hands at $0.394.
