- XRP jumped 40% in April amid strong bullish trader sentiment.
- Market bets and options point to XRP reaching up to $2.70.
- Institutional products expand as SEC weighs spot ETF approval.
There are signs of a price rally this quarter that XRP traders are now more enthusiastic about. Ripple’s cross-border payment network is powered by the cryptocurrency, which surged 40% in April alone, sparking endless speculation of additional gains.
According to data from Coinglass, XRP’s long–short ratio on perpetual contracts futures without expiration dates has seen a notable increase. This metric, a key market sentiment indicator, currently reflects an almost 3-to-1 ratio favoring long positions. Such a ratio strongly suggests a prevailing bullish outlook among traders expecting prices to climb higher.
XRP Sentiment Diverges from Major Crypto Trends
However, this stance deviates dramatically from how other prominent cryptocurrencies gather views. Ethereum and Solana perpetual contract data share an even distribution between long and short positions, while Bitcoin displays a heavy weight toward shorts and can indicate caution or bearishness.
This is further evidence of optimism, as most of the XRP bettors on Polymarket predicted it might get up to $2.40. This is April’s most active wager on XRP on the platform, and this price level has. By the end of the month, XRP will log a whopping additional 5% gain if it materializes.
In addition, options traders, known to be more risk-averse than stock market investors, are putting in on the move. Crypto derivatives exchange Deribit shows XRP is betting close for that last day of April between $2.23 and $2.70. It is a radical dash from previous trends, punctuated by a questioning of the token going beyond the $2.20 spot in the month.
Bullish Momentum Builds Despite Stock Market Hesitation
It’s adding fuel to the narrative that the rally institutional players are starting to roll out new financial products pegged to XRP. Last week, the CME Group and Coinbase announced the launch of XRP futures products, and last month, ProShares announced it plans to launch the two leveraged XRP exchange-traded funds (ETFs). In the earlier part of the month, Teucrium, which is noted for its agricultural ETF, became the first to launch a leveraged XRP ETF in the United States.
Nonetheless, one area that market watchers are monitoring is the possible spot XRP ETF approval. The U.S. Securities and Exchange Commission is reviewing several such proposals; some decisions are expected mid-month.
XRP stocks are under the red light as massive bullish sentiment is burning up in derivatives markets, futures platforms, new investment vehicles, etc. This makes it look like the future for XRP traders and investors will be dynamic.
