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Short Sellers Favor Bitcoin Over XRP

Short Sellers Favor Bitcoin Over XRP

By Gaurav S. Iyer, IFC Published : February 12, 2018

iStock.com/allanswart

Ripple News Update

A surprising new Bloomberg report is making the rounds on Monday morning, arguing that “Bitcoin is losing fans” on Wall Street. However, I believe they buried the lede. About midway by way of the report, the authors point out that XRP bulls outnumber bears 18-to-1.

Of course, Bloomberg solely interviewed one firm for the report: the London-based contracts-for-difference agency IG Group Holdings plc (LON:IGG). (Source: “Investors Increasingly Willing to Spread Bet Against Bitcoin,” Bloomberg, February 8, 2018.)

The knowledge supplied by IG is extremely fascinating. Here are some highlights:

  • Last January, 90% of merchants had been bullish on Bitcoin.
  • Today, one-quarter are betting BTC will lower.
  • In different phrases, Bitcoin longs outnumber shorts 3-to-1.
  • Ethereum has a 12-to-1 ratio.
  • XRP has an 18-to-1 ratio.

To put this in perspective, there are 10 lengthy positions on Apple Inc. (NASDAQ:AAPL) for each one brief place. And Apple is well probably the most profitable firm on the planet, but it runs under Ethereum and Ripple by way of investor sentiment.

This knowledge suggests January’s storm clouds are lastly dissipating. Cryptocurrency markets had a horrific begin to 2018, with nightmarish value crashes by way of the month and into the start of February, however a number of days have provided some daylight.

Ripple (XRP) Price Chart

ripple price chart for 12 feb

Ripple costs have shot up towards the usdollar. In the final 24 hours, they jumped 6.78%, bringing XRP to USD fee to $1.09. Compare this to final week, when XRP was buying and selling within the vary of $zero.70 to $zero.80.

Analyst Take

It is a startling comeback for the crypto—besides for many who by no means believed the XRP value crash. I depend myself amongst that resilient few. And if this knowledge is to be believed, the remainder of the market has lastly caught up.

As such, we keep our $10.00 Ripple value prediction for 2018.

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