Short sellers have been increasing their bets against Cardano ($ADA) and XRP ($XRP) in the cryptocurrency market, which could potentially benefit long-term investors. On-chain analytics firm Santiment reported that funding rates on Binance indicate a dominance of short positions for ADA since September 2023 and for XRP since May 2024. Short selling involves borrowing an asset, selling it, and aiming to repurchase it later at a lower price to profit from the difference. Despite this, Santiment’s analysis suggests that ADA and XRP are undervalued and could experience price rebounds. Market analysts also share an optimistic outlook for XRP and Cardano, with XRP potentially surging to $2.71 and Cardano presenting an opportunity for dollar-cost averaging.
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Short Sellers Target Cardano ($ADA) and $XRP as Crypto Market Looks for Rebound
