XRP price is on the rise, yet many long traders are facing record liquidations. Simultaneously, there is a notable increase in whale activity.
Significant Losses for Long Traders
According to CoinGlass data, total XRP liquidations over the past hour totaled $803,388.84. Surprisingly, long traders experienced almost the entire concentration of liquidation volume, with liquidations reaching $803,170, while shorts amounted to only $218.84. This resulted in a liquidation imbalance of 366,941%, indicating that investors betting on short positions faced minimal losses compared to long holders.
Increase in Whale Activity
The latest surge in XRP price is linked to rising activity from whales. A mysterious whale opened a position of 5,175,112 XRP on Hyperliquid, amounting to $16.62 million using 2x isolated leverage. Prior to this transaction, blockchain data tracker Whale Alert noted over $53.4 million worth of XRP transferred to Coinbase.
Current Market Situation for XRP
As of the time of publication, XRP was trading at $3.26, which reflects an increase of 2.56% over the past day, according to CoinMarketCap data. Additionally, daily trading volume increased by 62.7% to $6.6 billion, suggesting investor interest in accumulating the coin and potential for further rallies.
Despite the price increase of XRP, the market shows mixed signals. The rise in long position liquidations amidst ongoing volatility may indicate a cautious approach from traders. Increased activity from whales also underscores interest in XRP under current market conditions.
