XRP has experienced significant price fluctuations after hitting the $3 mark. Liquidation of trader positions has notably impacted the overall market state.
XRP's Decline and Its Causes
XRP, briefly surpassing the $3 mark, saw a substantial price drop to $2.81. This occurred as traders began to take profits. A total of $159,820 was liquidated within the last hour.
Market Liquidation Analysis
According to data from CoinGlass, a liquidation imbalance of 4628% was observed over a short period. Traders betting on the rise of XRP incurred losses, while bearish traders also recorded $3,380 in losses.
ETF Speculation and Its Impact on Prices
There are rumors about a potential launch of an XRP-based ETF by ProShares, which could occur on July 18. Early interest in this news contributed to the temporary price increase, followed by profit-taking by traders.
The volatility directed XRP towards a sharp decline after hitting the $3 mark, leading to significant liquidations. Investors and traders continue to monitor news of potential ETFs, which may influence future price dynamics.
