XRP Sees An Alarming 1,800% Surge In Liquidations, Whats Going On?
11 Aprile 2024 - 8:00PM
NEWSBTC
XRP has witnessed an alarming amount of liquidations in the last 24
hours. This has no doubt caused concerns in the XRP community,
considering the impact that the derivatives market has on a
crypto’s price. $1.32 Million XRP Positions Get
Liquidated Data from Coinglass shows that $1.32 million has
been liquidated from the XRP market in the last 24 hours. Long
positions account for a majority of these liquidations, with $1.04
million in long positions being wiped out during this period. This
underlines the bearish sentiment plaguing the XRP ecosystem, with
the bears firmly in control. Related Reading: Analyst Says
Bitcoin Halving Influence Is No Longer Driving Price, Here’s What
Is This bearish outlook is also evident in several other key
metrics in the XRP derivatives market. For instance, the total
trading volume and open interest have dropped by 36.90% and 2.69%,
respectively, which suggests that crypto investors are choosing to
stay out of the XRP market. Meanwhile, there has also been a
decline in the options volume, further suggesting that crypto
investors have reduced their bets on the the altcoin. This is,
however, not surprising considering how XRP has maintained a tepid
price action despite the broader crypto market enjoying significant
price gains at different times. Despite XRP’s current market
conditions, there are still those betting heavily on a bullish
future trajectory for the crypto token. This includes crypto expert
Zach Rector, who has stated that the altcoin will “not miss the
bull run” despite its current price action. He alluded to XRP’s
fundamentals as one reason for his belief. More recently, he
mentioned that XRP will soon experience a supply shock with
increased token burns on the horizon. These token burns help reduce
the number of tokens in circulation and can help drive up the
token’s value through scarcity. Time To Accumulate More
Tokens Crypto analyst Egrag Crypto recently mentioned in an X
(formerly Twitter) post that it was time to accumulate more XRP. He
made this statement while highlighting an ascending triangle on
XRP’s monthly timeframe, which “screams bullish.” In anticipation
of this bullish move, the analyst urged crypto investors to
“accumulate more, and then just sit back and wait for the magic to
happen.” Related Reading: Crypto Analyst Drops Trading Strategy To
Profit Off Shiba Inu’s Next Leg Up Above $0.00003 As to how high
XRP could rise, Egrag stated that “the measured move of the
Ascending Triangle could potentially reach either $17 or $27.” The
analyst had also recently claimed that the altcoin would rise to $5
by July. At the time of writing, XRP is trading at around
$0.6, up in the last 24 hours according to data from
CoinMarketCap. Token price at $0.61 | Source: XRPUSDT on
Tradingview.com Featured image from Investopedia, chart from
Tradingview.com
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