Recent events in the cryptocurrency market led to a sharp decline in XRP prices, resulting in the liquidation of significant long positions.
Liquidations in the XRP Market
Derivatives data indicated that $1.29 million was liquidated within one hour, with $1.24 million attributed to long positions. In a 24-hour period, total liquidations reached $14.83 million, including $11.02 million from long positions.
Analysis of XRP Price Dynamics
XRP traded just above $3.20, experiencing minor attempts to bounce back after a failed rise above $3.18. The five-minute chart depicts a descending staircase pattern.
XRP Price Outlook
Unless the XRP price reclaims and holds above $3.24, a false spike to the $3.23-$3.25 range followed by a decline to $3.16-$3.17 is likely. Conditions will only change if prices close above $3.26, potentially triggering a rapid rise to $3.30.
The situation in the XRP market remains uncertain. Market participants should closely monitor price dynamics and potential changes in liquidations.
