What Caused The 6,000% XRP Long Liquidation Spike Compared To Shorts?

XRP bulls were in the news lately when $1.27 million was liquidated from their long bets. This 6,350% jump in long liquidations may be attributed to XRP's recent price movement, indicating ecosystem sentiment.

$1.27 Million Longs Liquidated

The previous 24 hours saw $1.27 million in long holdings liquidated, according to Coinglass. Compared to the $19,220 liquidated in short positions, this is huge. In the previous 24 hours, XRP decreased 3.85% to $0.51, which may have caused this.

The strong reversal in Bitcoin's price, which dropped below $62,000 again, may have triggered XRP's price collapse. Trading activity in the XRP futures market has plummeted by nearly 26%, suggesting pessimistic sentiment in the ecosystem.

Over 46% less options trading volume. Since bears are winning, these numbers imply XRP investors are staying away. The plus side is that open interest has increased, indicating that bulls are still betting on the crypto coin.

Since crypto experts expect big changes for XRP, these bulls may have a motive to risk. Recently, crypto researcher Jonathan Carter said XRP may reach $0.93 and $1.68. Many believe XRP is ripe for a rally, which might happen shortly.

The XRP Rally Could Come

With the SEC-Ripple legal fight nearing its finish and a verdict likely shortly, XRP may rise. Crypto expert JackTheRippler claimed the coin might reach $100 after this case.

XRP might potentially rise further from this price level, as Judge Analisa Torres' judgment that the crypto coin wasn't a security helped it rise.

According to CoinMarketCap, XRP is selling at $0.51, down in the previous 24 hours.

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