XRP, the cryptocurrency linked to Ripple Labs, has shown significant fluctuations in the market recently. Currently priced at $2.12, it presents both opportunities and risks for traders.
Price Dynamics of XRP
According to CoinMarketCap, XRP has increased by 11.36% over the past 30 days. However, this increase could lead to significant volatility.
Critical Zone for Traders
Data from Coinglass indicates that a 4% drop in XRP to $2.063 could result in over $60 million in long positions being liquidated. This is a critical zone for traders, as potential liquidations at this level could further decrease prices.
Major Liquidations on Exchanges
Coinglass data shows that Bybit will be most affected, with over $7 million in long positions at risk of liquidation if XRP drops to $2.063. Binance and OKX will also face significant liquidations of $3.39 million and $1.30 million respectively.
With XRP currently priced at $2.12, traders should closely monitor critical levels to minimize potential liquidation risks in case of price drops.
