As a seasoned crypto investor with a few battle scars on my portfolio, I’ve learned to keep an eye on market trends and sentiment, especially during volatile periods like these. The recent $1.27 million in long liquidations for XRP is a stark reminder of the risks involved in this market.
The market has been unfavorable for bulls, especially those holding XRP, as they experienced a significant setback with over $1.27 million worth of long positions being liquidated. This sudden surge in liquidations, representing a 6,350% increase, can be attributed to the recent price fluctuations of XRP, reflecting the prevailing sentiment within its community.
$1.27 Million In Longs Get Liquidated
As an analyst examining data from Coinglass, I’ve noticed a significant discrepancy between long and short position liquidations over the past 24 hours. A staggering $1.27 million worth of long positions were liquidated, while only $19,220 was liquidated in short positions. This imbalance can be attributed to XRP‘s price decline of approximately 3.85%, which pushed the token down to a low of $0.51 during this period.
The price drop of XRP during this timeframe is commonly attributed to Bitcoin‘s significant correction, which caused Bitcoin to fall below $62,000 once more. However, it’s important to note that there’s also a growing sense of pessimism within the XRP community. Evidence from the XRP derivatives market indicates a noticeable decrease in trading volume, with figures showing a drop of over 26%.
Currently, the trading volume for options on XRP has decreased by approximately 46%, implying that many XRP investors are holding back from making trades. The market seems to be controlled by bears at present. Nevertheless, a positive sign is the rise in open interest, indicating that some optimistic investors continue to place bullish bets on XRP.
Bullish sentiment towards XRP may be warranted, considering crypto analysts’ forecasts of notable price hikes. For instance, Jonathan Carter, a prominent crypto analyst, anticipates that the XRP token could reach $0.93 and even surpass $1.68 in value. Furthermore, there is growing optimism that a long-awaited rally for XRP might occur imminently.
When The XRP Rally Could Come
A potential XRP price surge may be imminent as the SEC-Ripple legal dispute nears its conclusion, with a decision anticipated soon. According to cryptocurrency analyst JackTheRippler, XRP could reach a value of up to $100 upon resolution of this case.
Despite the lofty current price being a challenge, XRP has the potential for substantial growth given its previous upward trajectory following the court decision led by Judge Analisa Torres, which classified XRP as not being a security.
As I pen down these words, XRP is currently priced at approximately $0.51 based on the latest figures from CoinMarketCap’s database. However, its value has experienced a decline within the previous 24-hour period.
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2024-05-09 18:04