$XRP

What's Up With The Concerning 1,800% Increase In Liquidations Seen By XRP?

XRP has seen a concerning number of liquidations during the previous day. Given the influence that the derivatives market has on the price of a cryptocurrency, this has undoubtedly raised concerns within the XRP community.

$1.32 million worth of XRP positions are sold

$1.32 million has been removed from the XRP market in the last day, according to Coinglass data. The bulk of these liquidations are the result of long positions, which lost $1.04 million during this time. This emphasizes how the bears are still in charge and the bearish sentiment that permeates the XRP ecosystem.

A number of other important indicators in the XRP derivatives market also support this pessimistic outlook. For example, the open interest and overall trading volume have decreased by 2.69% and 36.90%, respectively, indicating that cryptocurrency investors are opting to avoid the XRP market.

Additionally, the volume of options traded has decreased, which may indicate that cryptocurrency investors have lowered their stakes in altcoins. This is understandable, though, given how XRP has exhibited muted price movement even as the larger cryptocurrency market has experienced notable price increases on occasion.

Even with the current state of the market, some people are still placing a lot of money on XRP's optimistic future trajectory. Zach Rector, a cryptocurrency expert, has declared that the altcoin will "not miss the bull run" in spite of its present price movement. He mentioned some of his beliefs being based on the foundations of XRP.

More recently, he said that there will be a supply shock for XRP soon and that there will be more token burns in the future. By lowering the quantity of tokens in circulation, these burns can increase the token's value by creating a scarcity.

It's Time To Gather More Tokens

It was time to start hoarding more XRP, according to a recent X (formerly Twitter) post by cryptocurrency analyst Egrag Crypto.

#xrp #XECHalving