According to data from the analytical platform Coinglass, $9.57 million in XRP positions were liquidated across exchanges over the past 24 hours.
Long positions accounted for $9.27 million compared with just $299,997 in short liquidations.
On the shorter scale, XRP liquidations amounted to $853,930, including $681,200 in long positions and $172,780 in shorts.
On Friday, XRP saw even bigger liquidations – $16.7 million in total, with $16 million in long liquidations. This event followed a massive market collapse on November 5, after the BTC price suddenly reversed its trend.
XRP price prediction
XRP is currently trading at $1.16, down 1.81% over the past 24 hours, while its market cap has declined 1.75% to $72.7 billion.
XRP’s open interest is up only 1.4% over 24 hours, sitting at $1.37 billion. However, rising open interest does not automatically indicate that new bullish positions are being opened.
The trading volume has fallen 44.7%, which suggests limited recovery potential for today. In addition, XRP ETFs recorded zero net flows on Friday.
The current price level is close to the local bottom. The weekly chart hints at a further downtrend with $1.15 serving as the last support before the path to $1.00 is cleared.
Breaking this last support could trigger a liquidation cascade, resulting in almost a million dollars of positions closed.
The immediate resistance level is at $1.20. Breaking above it will be a clear indicator of an uptrend.
