The crypto market has encountered an unexpected shift in investor expectations, leading to a significant price surge in XRP.
XRP Short Traders Liquidation
According to data from Coinglass, the total amount of XRP liquidated in the past hour reached over $5 million. Short traders suffered losses of more than $4.44 million, while long positions were liquidated for only $595,000, resulting in a liquidation imbalance of 7,457.83% in just one hour.
Sharp Price Increase of XRP
Following the rapid price surge, XRP now reflects a daily increase of over 5%. On August 22, XRP traded between an intraday low of $2.798 and an intraday high of $3.05, indicating a resurgence among bullish traders.
Future of XRP in the Market
Despite facing high price volatility, the unexpected liquidation event suggests that market participants are still searching for upside opportunities. The active growth of XRP is also occurring alongside positive performance from leading cryptocurrencies like BTC and ETH.
Thus, XRP has found itself in a favorable position following a significant liquidation of short traders, boosting investor confidence and opening up prospects for further growth.