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According to data provided by CoinGlass, Binance users are overwhelmingly long $XRP.
An impressive 67.6% of accounts are on the long side of the trade. The long/ratio currently stands at 2.09.
Notably, the same also applies to the exchange's top traders who are in the top 20% of Binance's users by margin balance.
This is not the case for Bitcoin: the largest cryptocurrency is currently being shorted by nearly 55% of Binance accounts.
Overall, however, a slight majority of traders (51.32%) are still betting against the Ripple-affiliated token, so the bullishness is limited to Binance and several other trading platforms such as BitMEX.
$XRP's open interest, which represents the total number of open derivatives contracts, currently stands at $3.15 billion after declining by more than 4% over the past 24 hours.
Nearly $4 million worth of $XRP has been liquidated over the past 24 hours. Long positions make up the lion's share of liquidations (61.5%).
At press time, $XRP is up by 1.18% on the Binance exchange, changing hands at $2.15. Earlier today, the cryptocurrency reached an intraday high of $2.16.
The token has now recovered by roughly 25% after plunging to a multi-month low of $1.6 on Apr. 7 amid a broader market sell-off driven by macroeconomic uncertainty.