Bullish bets on XRP have exploded in the last week, with over twice as many traders piling into long positions as shorts.
That’s according to Coinglass data, which shows the surge in so-called perpetual futures, or perps, are futures contracts without expiry dates.
The signs of optimism contrast with data tracking perp trades in other coins. Ethereum and Solana data signal a fairly equal appetite among traders for longs and shorts. For Bitcoin, the ratio between bullish and bearish bets skews heavily to the shorts side.
The massive stacking of long positions on XRP perps comes amid the announcement of two XRP futures products this week, from Coinbase and the CME Group. Coinbase’s offering is live, while the CME’s cash-settled XRP futures product begins trading on May 19.
Those launches have fuelled a fresh wave of optimism for XRP traders who are betting that a rally is imminent.