Why is XRP price down today?

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The story "Why is XRP price down today?" was covered 13 hours ago by Coin Telegraph, a news publisher based in United States.

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Coin Telegraph 13h ago

Why is XRP price down today? - Coin Telegraph

Quick Summary:

Related: XRP price sell-off set to accelerate in April as inverse cup and handle hints at 25% declineDropping open interest and negative funding ratesXRP’s price action also reflects a lack of enthusiasm in its derivatives market, as evidenced by low open interest and funding rates. XRP’s open interest fell to $2.87 billion and is 63% below its peak of $7.8 billion witnessed on Jan.18.

Investors are worried that reduced international trade volume could dampen demand for XRP’s use case, driving its price down. Over $59 million in long XRP positions liquidatedXRP’s bearishness on April 7 is accompanied by significant liquidations in the derivatives market, signaling strong downward pressure.

This metric has remained negative most of the time since early March, and when rates turn negative, shorts (bets against the price) pay longs to keep their positions open, suggesting bearish sentiment. XRP funding rates across all exchanges.