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Binance Traders Bet Big on XRP and ADA: Should You Be Worried?

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TL;DR

  • Binance futures traders are highly bullish on the two large-cap altcoins, according to recent data.
  • However, both assets have headed south in the past day or so, which raises the question of whether too much optimism among crypto traders doesn’t lead to actual corrections.

Remember the infamous words of Warren Buffett – be greedy when others are fearful and vice versa? If the Oracle of Omaha is to be trusted, and his massive success rate and longevity certainly say so, then XRP investors should worry about the asset’s future price performance.

Moreover, Ripple’s cross-border token has already started to correct, and its price is close to the coveted $2 support line. According to analysts, this level holds particular significance in determining XRP’s upcoming moves. A bounce-off above could propel a surge to $2.6, but the opposite scenario envisions a massive drop to $1.2/3 if it fails.

The situation with ADA is quite similar, as the token has attracted a substantial wave of big bullish trades on Binance futures. Similar to XRP, Cardano’s price has tumbled by 5-6% in the past day (26% on a monthly scale), and now struggles to remain above $0.6.

The current level is also an important support line that could lead to a crash below $0.5 if it’s broken to the downside.

Oh, aside from Buffett, Santiment has also . countless times in the past that too much emotion in either direction usually leads to price moves in the opposite.

Pranešimas Binance Traders Bet Big on XRP and ADA: Should You Be Worried? appeared first on CryptoPotato.

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