Crypto market intelligence platform Santiment has confirmed the ongoing rebound in the price of Cardano (ADA) and XRP. Per the firm, this renewed rally has fueled a new wave of opened short positions.
Short Positions on Cardano and XRP Growing
At the time of writing, Cardano was trading at $0.3864 after gaining 4.49% within the last 24 hours. Ripple-associated XRP is also displaying a positive sentiment.
In the last 24 hours, the token registered a 3.87% and it currently trades at $0.4967. The crypto ecosystem is excited about this upsurge, with a significant percentage plunging their funds into the two tokens. Most of these enthusiasts are positive that the coming days will bring more uptrend to the price of ADA and XRP.
Experts and other experienced traders recognize that even with the recent price rebound of these tokens, a downtrend is imminent. This realization has caused many of them to place short positions on ADA and XRP. As highlighted by Santiment, traders shorting of these altcoins may be a good sign for patient bulls.
Once they decide to liquidate their shorts investment, they could be on the pay to igniting the “rocket fuel” for continued price rallies.
At the same time, these assets may keep up with their price uptrend fueled by the activities in their individual ecosystem.
ADA and XRP May Maintain Bull Run, or Not
A week ago, Charles Hoskinson, the founder of Cardano, explained the plans for the Cardano blockchain governance including the deployment of decentralized representatives (dReps). He pointed out that the deployment of these dReps will significantly shift the control of the treasury even without a complete constitution. This is expected to happen within 90 days after the significant Cardano update, referred to as the Chang hard fork.
For the Chang hard fork, all that is left is getting 70% of the protocol’s Stake Pool Operators (SPOs) to install the new node. Once this is done, Hoskinson said “a hard fork can occur pushing Cardano into the Age of Voltaire.”
These key ecosystem trends might serve as a major springboard for ADA price before the end of the month.
Ripple is still pursuing fair remedy in its lawsuit with the United States Securities and Exchange Commission (SEC). The eventual outcome will impact either positively or negatively on the price of XRP. Similarly, the activities on the XRP Ledger including the introduction of Ethereum Virtual Machine (EVM) compatibility could influence the valuation of XRP in the long term.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
