Swyftx Chief Analyst: Bitcoin's strengthening may lead to liquidation of highly leveraged XRP traders

BlockBeats news, on December 6th, Swyftx Chief Analyst Pav Hundal stated that XRP has fallen nearly 18% since hitting its annual high on December 3rd, and traders still hope to see a strong rebound in its price. But currently, for highly leveraged XRP bulls, the real danger is the further strengthening of Bitcoin's dominant position. The rotation of funds from XRP to Bitcoin is likely to lead to a wider range of settlements. Pav Hundal stated that in the past few weeks, we have observed retail investors rapidly buying large amounts of positions, and the current number of open contracts has approached twice the level of 2021. The market seems to have a desire for leveraged long XRP exposure, despite the price decline, XRP bulls are still increasing their positions, indicating that the market may be approaching the FOMO area.