The bulls have continued to take a beating in the market, and XRP bulls, in particular, were recently in the spotlight as $1.27 million was liquidated from their long positions. This 6,350% spike in long liquidations is likely due to XRP’s recent price action, highlighting the general sentiment in its ecosystem.
$1.27 Million In Longs Get Liquidated
Data from Coinglass shows that $1.27 million in long positions have been liquidated in the last 24 hours. This is massive in comparison to the $19,220 liquidated in short positions during this period. This occurrence was likely due to the 3.85% drop in XRP’s price, as the crypto token dropped to as low as $0.51 in the last 24 hours.
XRP’s price decline during this period is believed to have been caused by the sharp correction in Bitcoin’s price, with the flagship crypto dropping below $62,000 again. However, there also seems to be a bearish sentiment in the XRP ecosystem, as data in the XRP derivatives market shows that trading volume has dropped by over 26%.
Meanwhile, options trading volume has also dropped by over 46%. These figures suggest that XRP investors are choosing to remain on the sidelines, seeing as the bears look to have the upper hand at the moment. However, the bright spot is that there has been an uptick in open interest, which means some bulls are still willing to bet on the crypto token.
These bulls might have a good reason to gamble on the crypto token, seeing as crypto analysts are predicting significant moves for XRP. Specifically, crypto analyst Jonathan Carter recently predicted that XRP could rise to $0.93 and further to $1.68. There is also the feeling that a rally is long overdue for XRP and could be anytime soon.
When The XRP Rally Could Come
An XRP rally could be on the horizon with the legal battle between the Securities and Exchange Commission (SEC) and Ripple almost coming to an end, with a ruling expected soon enough. Crypto analyst JackTheRippler predicted that the crypto token could rise to as high as $100 once this case ends.
While this price level is undoubtedly ambitious, XRP could still make a significant move to the upside, considering that it also enjoyed an upward trend on the back of Judge Analisa Torres’ ruling that the crypto token wasn’t a security.
At the time of writing, XRP is trading at around $0.51, down in the last 24 hours, according to data from CoinMarketCap.
Token price drops to $0.5 | Source: XRPUSDT on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
