XRP futures show bullish sentiment despite price drop to $1.1

Despite XRP's recent price drop to around $1.1, long positions are dominating the futures markets on Binance, OKX, and Bybit, The Crypto Basic reported. According to Coinglass data, the long/short ratio for retail accounts on Binance is 2.68, meaning long positions are about 2.7 times more numerous than shorts. The whale long/short ratio also shows a long-side advantage at 3.03. However, smart money sentiment on both Binance and Bybit is extremely bearish, and the 24-hour short position trading volume of $1.03 billion slightly surpassed the long position volume of $978 million. Meanwhile, the outlet noted that XRP's liquidation heatmap shows a concentration of $402 million in potential short position liquidations around the $1.11 price level, suggesting a short squeeze could occur if the price reaches that area.