The Bureau Of Labor Statistics just pleased the markets with a softer-than-promised inflation growth.
The United States Consumer Price Index (CPI) news have flipped the crypto markets back into bullish mode, at least temporarily. This statistical estimate came out way cooler than expected. With January’s results coming in at 2.4%, this marks a softer figure than initially forecasted – the common expectation was a 2.5% inflation rate.
XRP Gains 4.53% As Big Caps Embrace The Rebound
For major caps, this has played out well – all TOP 10 entrants by crypto’s global market cap have restored their respective thresholds. For Ripple coin (XRP), today’s 4.53% upswing takes the OG altcoin above $1.40, a crucial threshold vital for the bulls to push through the crypto winter without any more notable damage.
The duel between crypto’s short-sellers & believers (bulls) is all over the Futures markets. Kicking off February with complete short-seller dominance, XRP coin has just restored the positive figures in the OI-weighted funding rate. Ultimately, this means XRP’s short-sellers are paying for the upward XRP price plays after multiple days of full dominance.
The Game-Changer XRP Bulls Have Been Waiting For
Judging from the 24-hour stats, there was $3.57 million in wiped-out excessively-leveraged XRP price positions, with the bulls accounting for $1.26 million of that, according to CoinGlass. Data also suggests a $2.31 million wipe-out for the short-sellers, while both trading volume & open interest (OI) soared since the sentiment flip, planting more room for optimism.
Much of this action comes due to a belief that XRP’s price would rebound further to reclaim the $2 psychological threshold. This is evident by the long versus short ratio now flashing 1.06, while Binance’s customers are ultra-bullish, outnumbering the short-sellers twice.
If XRP’s price manages to break through $1.55 on the daily time-frame, the $3 XRP price target becomes way more realistic than the $1 pull-back many market watchers are concerned about.
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