"XRP Bulls Charge Ahead: Binance Data Reveals Strong Long Positions Amidst Price Struggles"

XRP, the native token of Ripple Labs, has been a subject of intense scrutiny in the cryptocurrency market, with its price trajectory drawing significant attention from enthusiasts and analysts alike. Despite the recent price decline, XRP continues to be a topic of interest, with traders and investors closely monitoring its movements.

Binance, a leading cryptocurrency exchange, has seen a surge in long positions for XRP, with the Binance XRPUSDT Long/Short ratio currently standing at 2.80. This metric suggests a strong bullish sentiment among traders, indicating that for every 2.80 long positions, there is a single short position. Additionally, data from Binance reveals that 73.6% of top XRP traders hold long positions, while 26.4% hold short positions.

However, despite the bullish sentiment, XRP has been struggling to gain momentum. The asset is currently trading near $2.50 and has experienced a price drop of over 6.50% in the past 24 hours. This market uncertainty has led to a decline in trading volume, with a 65% drop in participation from traders and investors.

XRP's price action and key levels have been closely analyzed by traders and investors. The asset has failed to hold its crucial support level of $2.60, which it achieved during a significant price reversal. Based on recent price action and historical momentum, if XRP doesn't rebound and closes a daily candle below the $2.50 level, there is a strong possibility it could fall by 25% to reach the next support at the $1.95 level.

The Relative Strength Index (RSI) for XRP is currently at 38, indicating a potential price decline due to its weak strength. Additionally, the asset's 200 Exponential Moving Average (EMA) is still below the price, suggesting an uptrend. However, the bearish price momentum has led to liquidations among traders holding long positions. Major liquidation areas are near $2.47 on the lower side and $2.75 on the upper side, with traders over-leveraged at these points.

If the current market sentiment remains unchanged and the price falls to the $2.47 level, nearly $22.68 million worth of long positions will be