Turmoil in the XRP market has led to significant financial losses among long-position traders. Price volatility resulted in massive liquidations totaling $8.49 million.
Massive Liquidations Stun Traders
According to CoinGlass data, XRP total liquidations reached $8.49 million in the past 24 hours, heavily affecting long-position traders who lost $6.42 million. This resulted in a notable 102% imbalance between long and short positions. Failures in sustaining price rebounds contributed to these substantial losses.
Looking Ahead: Can XRP Reclaim ATH?
Despite current volatility, forecasts remain optimistic. As reported by U.Today, there is a possibility for XRP to reach $3.47 based on the upper band of its Bollinger Bands, potentially retesting its 2018 ATH of $3.84. However, analysts expect XRP to continue consolidating before attempting higher levels.
Market Overview and Future Prospects
XRP's current market dynamics continue to attract attention, with participants closely monitoring for signals of a potential correction. Some traders point to internal buying activities, which might indicate underlying price support. This underscores the market's complexity and the need for ongoing observation.
The situation in the XRP market remains challenging, with participants continuing to analyze developments in hopes of a trend reversal. While liquidations exert pressure, prospects for recovery remain a subject of discussion.
