$XRP
🚨 XRP Price in Focus Amid Liquidation Imbalance 🚨
XRP value today stands at $2.23, as data from CoinMarketCap reveals that trading volumes have soared by 19% to $3.42 billion. After recovering above the $2.20 support level, traders are closely watching whether this altcoin could surge past $3.
This recent drop in XRP price caused a 1,000% liquidation imbalance according to analyst ALT4F. Data from Coinglass shows that in the last 24 hours, more than $14 million long positions on XRP were liquidated, marking the highest level in three weeks, while short liquidations came in at around $1.5 million.
Analyst ALT4F noted that the high number of long liquidations indicates that more traders are opening long positions as they anticipate the XRP price may rally. While this long bias suggests that the bullish sentiment towards Ripple is strong, it may also have a negative impact.
Per this analysis, if Ripple plunges below $2.15 under the current market conditions where leverage is notably high, it could trigger a cascade of long liquidations that will push the price further down, and possibly cause a breach of the $2 support level.