Bitrue Says XRP Should Already Be At $10, Traders Are Betting It Gets There

Crypto exchange Bitrue made a bold claim Tuesday: XRP is trading at a fraction of where it belongs. With the coin sitting around $1.42, Bitrue put the fair value at $10 — more than seven times its current price and a market cap that would top $610 billion. Related Reading: Bernstein Sets $150,000 Bitcoin Target As ETF Inflows Surpass $1.6B In March Derivatives Data Tells A Different Story Than The Price Chart The numbers in the futures market are raising eyebrows. XRP’s open interest climbed to $2.60 billion, a 7% jump in a single day, according to data from CoinGlass. That kind of move during a price dip signals something specific: traders are opening new positions, and those positions are leaning long. Although the price of $XRP is falling, there is no increase in short positions. On the contrary, long positions are increasing slightly. There is no downside pressure in the $XRP futures market. In addition, an increase in OI indicates a desire to buy long positions at low… pic.t