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.
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.”
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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Source: NewsBTC.com
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