XRP Token Scores New All-Time High of $2.95, But Market Sentiment is Bearish

The Ripple-affiliated XRP token has scored its highest weekly of $2.95 on the Binance exchange. However, XRP bulls stopped short of holding the

XRP price analysis: XRP bulls fail to hold $3 after a 14% Sunday nosedive

The XRP price finally managed to reach a new record high after roughly seven years last week. On Thursday, it hit a record peak of $3.4 on the Bitstamp exchange. However, the token failed to sustain bullish momentum after a 14% nosedive on Sunday.

After briefly trading as low as $2.8 on Monday, the XRP price recovered some losses and is currently changing hands at $3.1. This comes as other major cryptocurrencies are also paring some losses.

Bitcoin, the world’s largest cryptocurrency by market cap, briefly dipped below the $100,000 mark over the weekend. However, it is now trading above $105,000, according to CoinGecko data.

Meanwhile, XRP bulls are now aiming to push the token past the $3.2 resistance level. If successful, XRP could rally towards the upper-$3 range.

On the other hand, if the token fails to hold the $3 level, it could slide back to the lower-$2 range.

Bearish crowd sentiment, smart money betting against XRP token

According to cryptocurrency analytics platform Market Prophit, the overall crowd sentiment is bearish. This is based on various social media mentions of the token.

The so-called “smart money” are also betting against the XRP token, according to MarketPhophit.

CoinGlass data shows that $32.5 million worth of XRP tokens ended up being liquidated over the past 24 hours. Of these liquidations, nearly 84% were longs.

Meanwhile, nearly $10 million worth of these liquidations took place on the Binance exchange.

XRP’s total futures open interest currently stands at $6.69 billion, which marks an 11% drop compared to a day ago.

XRP price analysis: Waiting for ETF approval

The XRP token has seen a strong rally in recent weeks amid growing ETF buzz. Several applications have been filed with the U.S. Securities and Exchange Commission (SEC) for XRP ETFs.

One of the leading issuers of exchange-traded funds, ProShares, recently filed for leveraged, inverse, and futures-based XRP ETFs. The applications cover both spot and futures-based ETFs.

If approved, these ETFs would provide investors with both long and short exposure to the XRP token. This could further boost trading activity and liquidity for the XRP token.