XRP Faces Alarming Amount of Liquidations in Last 24 Hours
XRP, the popular cryptocurrency, has recently experienced a significant amount of liquidations in the derivatives market, causing concerns within the XRP community. In the last 24 hours, a staggering $1.32 million worth of XRP positions have been liquidated, with long positions taking the biggest hit at $1.04 million.
This wave of liquidations reflects a bearish sentiment prevailing in the XRP ecosystem, with bears firmly in control. Other key metrics in the XRP derivatives market, such as total trading volume and open interest, have also seen a decline, indicating that investors are staying away from the XRP market.
Despite the current market conditions, some experts remain optimistic about XRP’s future trajectory. Crypto analyst Zach Rector believes that XRP will not miss the upcoming bull run, citing the token’s fundamentals as a reason for his confidence. He also predicts a supply shock for XRP in the near future, which could drive up the token’s value through scarcity.
Another crypto analyst, Egrag Crypto, has highlighted an ascending triangle pattern on XRP’s monthly timeframe, suggesting a bullish move on the horizon. He advises investors to accumulate more XRP and wait for the magic to happen, with potential price targets of $17 or $27 in the future.
At the time of writing, XRP is trading at around $0.6, showing a slight increase in the last 24 hours. Despite the recent liquidations and bearish sentiment, some experts believe that XRP has the potential for a significant price surge in the near future. Investors are advised to conduct their own research before making any investment decisions.