As the cryptocurrency market shows a sharp decline recently, the XRP price has also been affected and dropped.
XRP has fallen by approximately 2% in the last hour, and its value has decreased by around 8% over 24 hours. Currently, the XRP trading price is recording around $2.04.
However, the funding rate for XRP derivatives trading is currently in the positive. This means that traders holding long positions are paying fees to short position holders, indicating a predominantly positive investment sentiment in the derivatives market.
Nevertheless, this positive funding rate may not necessarily lead to an XRP price rebound. Short position investors may accumulate positions aiming to profit from the positive funding rate. This situation could persist until the market finds its balance.
Meanwhile, the overall cryptocurrency market is also showing a downward trend. Bitcoin (BTC) is trading at around $84,000, down about 1% in 24 hours, and altcoins are experiencing even larger declines. Dogecoin (Doge) has fallen by 8%, and Cardano (ADA) has dropped by 6.6%.
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