XRP has plunged from a high of $2.33 to find support at $2.25 as the altcoin experienced volatility in line with the broader cryptocurrency market. This cooling down has triggered a massive liquidation among traders that bet long on XRP.
Massive liquidations stun XRP long position traders
Data from CoinGlass shows that in the last 24 hours, total liquidation on XRP stood at $8.49 million. Notably, the coin saw traders in a longer position suffering the brunt.
Traders betting long on the future of XRP lost $6.42 million, as opposed to the $2.07 million cleared from short-position traders.
This has resulted in a massive 102% liquidation imbalance between long and short-position traders. XRP’s failure to sustain the price rebound was behind this massive liquidation experience by long traders in the last 24 hours.
This has affected the confidence of XRP investors as trading volume has correspondingly dropped within the same time frame.
Per CoinMarketCap data, XRP has declined by 7.79% to $3.47 billion as the price continues to fight its downward movement. XRP had momentarily slipped below the $2.25 support to trade at $2.24 before recovering to stabilize at the current level.
Market participants are keenly watching XRP’s price action to determine whether a correction is ahead and how they might profit from it.
Interestingly, a top trader recently hinted at the behind-the-scenes accumulation of XRP in an increased buying activity.
Can XRP reclaim its 2018 all-time high?
As reported by U.Today, the XRP price is predicted to soar as high as $3.47. This prediction relies on the higher band of the asset’s Bollinger Bands. If this plays out and XRP surges to this level, it could retest its all-time high (ATH) of $3.84, recorded seven years ago in 2018.
Analysts, however, expect XRP to continue consolidating for a while before it can retest higher levels Technical indicators show that it might face resistance at $2.54. If the altcoin multiplies the resistance to support, it could attempt $3.
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