In the past day, there have been numerous XRP positions being closed, leading to heightened anxiety among XRP investors. The influence of the derivatives market on cryptocurrency prices is well-known, making this development particularly noteworthy.
$1.32 Million XRP Positions Get Liquidated
According to Coinglass data, approximately $1.32 million worth of XRP positions were terminated in the last 24 hours. The majority of these liquidations, around $1.04 million, involved long positions being closed. This information highlights the prevailing bearish attitude towards XRP, with the bears dominating the market at present.
A pessimistic view towards XRP is reflected in various other significant indicators within its derivatives market. For example, the trading volume and open interest have decreased by 36.90% and 2.69% respectively, implying that investors in cryptocurrency are preferring to avoid the XRP market at present.
In addition, the number of trades for options related to the altcoin has decreased, implying that investors in cryptocurrency have lessened their wagers on it. This isn’t astonishing since XRP‘s price action has remained sluggish while the broader crypto market experiences notable price increases at various points.
Despite the present unfavorable market situation for XRP, some investors remain optimistic about its future growth. For instance, crypto analyst Zach Rector is convinced that XRP will participate in the upcoming bull market, disregarding its current price trends. He bases his confidence on the coin’s underlying strengths.
Lately, he has shared that XRP is anticipated to face a supply shortage due to upcoming token burns. Burning tokens decreases their total amount, which in turn can lead to an increase in the token’s worth due to the principle of scarcity.
Time To Accumulate More Tokens
Crypto expert Egrag Crypto recently shared on X (previously Twitter) that it’s a good idea for investors to buy more XRP now. He emphasized this suggestion as he pointed out an ascending triangle forming on XRP‘s monthly chart, which suggests a bullish trend is imminent. As we wait for this anticipated price increase, Egrag advises crypto investors to purchase more XRP and then be patient for the potential profits to materialize.
According to Egrag’s analysis, the height that XRP may attain based on the Ascending Triangle pattern could be between $17 and $27. Previously, he predicted that the altcoin would hit $5 by July.
Currently, XRP is priced approximately at $0.6 based on information from CoinMarketCap, representing an increase over the past 24 hours.
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2024-04-11 21:04