/biz/ - Business & Finance

I don't think we go up here
Looking at binance futs:
>usdt margined open interest has declined since Feb 2 (bearish)
>coin margined OI has increased steadily, likely holders posting XRP as collateral for perp longs, evidenced by net increase in retail longs over same period (bearish)
>volume non existent (bearish)

Relative to a 500 hour rolling window:
>open interest 36% (meh)
>retail is currently 76% long (bearish)
>top trader accounts by position are 81% long (bullish)

Retail making money is absolutely verboten so we need another leg down to shake out retail longs
Good news is that wick down to 0.412 last night was very effective at doing this, so it shouldn't take too much