XRP Liquidation Imbalance: Analyst Explains What It Means

Ripple (XRP) experienced sharp volatility in the cryptocurrency market over the last 24 ￰0￱ to CoinGlass data, a total of $7.93 million worth of XRP positions were liquidated. $7.21 million of this came from long positions and $718,000 from short ￰1￱ brought the daily liquidation imbalance to a record 903%. The XRP price fell from $3.04 to $2.98 during the day, falling below the critical $3 psychological support ￰2￱ the $2.90 level is currently being held as support, the market is showing no signs of a strong ￰3￱ sharp decline was not limited to XRP ￰4￱ the Ethereum (ETH) side, a total of $61.5 million worth of long positions were liquidated, while short losses were limited to $4.14 million.

A similar picture was seen for Bitcoin (BTC): $35.1 million was liquidated, $33.1 million of which came from long ￰5￱ higher liquidation rate for long positions compared to short positions may indicate a weakening of buyer appetite in the ￰6￱ analysts suggest that the decline may be due to strategic price pressure from institutional investors rather than a simple ￰7￱ Swan Capitalist founder Versan Aljarrah and financial writer Jim Willie argue that institutions are holding back the rally to accumulate XRP at its low price. “If it weren’t for these pressures, XRP could have risen to at least $7-$8 from its recent price movements,” Willie said, adding that institutions see XRP as a liquidity tool instead of the US dollar and take long-term positions. *This is not investment ￰8￱ Reading: XRP Liquidation Imbalance: Analyst Explains What It Means