XRP is back in focus in the cryptocurrency market due to a recent price increase which caused liquidations in several short positions.
Short Traders Struggle with XRP Price Rise
According to CoinGlass data, short position traders experienced a loss of $151,020 in the last hour due to the rising XRP prices. This unexpected move surprised investors who did not anticipate a recovery of XRP in the short term.
XRP's Growth and New Opportunities
XRP is preparing to retest the $2.30 level if the ecosystem bulls can sustain support. As of now, the price stands at $2.17, reflecting a 1.79% increase. However, trading volume has decreased by 42.78%, indicating a slowdown in market engagement.
Optimism Amid XRP Wallet Growth
A recent report indicates that XRP, sitting at the 200-day moving average, is a strong support level for the asset. Additionally, the addition of 9,000 new XRP wallets in two days raises optimism for growth and liquidity in the market.
XRP is showing positive momentum that could continue with proper bullish support. Investors need to closely monitor price movements as increased activity may lead to further gains.
