XRP traders betting on a price rally have been stunned as the market moved against them. Following the recent bearish price change, they were hit by a 182% liquidation imbalance. Notably, over the last 24 hours, XRP has seen a significant drop in price as market volatility prevailed on the coin.
XRP long traders hit hard as $2.30 fails to hold
According to CoinGlass data, the price decline caused a total of $7.95 million in liquidation for traders betting on XRP futures. Long position traders suffered more losses, accounting for the majority of the 182% liquidation imbalance worth $7.63 million in fiat currency.
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This suggests that these investors' expectations were dashed as XRP failed to rally and continue upward in the direction they anticipated. While these investors were betting on XRP hitting between $2.40 and $2.50 after it breached the $2.30 resistance, the market witnessed corrections.
XRP dropped in value as the broader market suffered steep corrections. The decline resulted in short position traders losing $312,760 within the same time.
As of press time, the XRP price was exchanging at $2.23, representing a 3.57% decrease in the last 24 hours. This has also impacted investor sentiment, with trading volume dropping by 4.71% to $2.8 billion within the same time frame.
Bullish outlook persists despite slow momentum
The current pullback in the price of XRP indicates that the market lacks enough momentum to sustain the asset’s push toward the psychological $3 level.
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However, despite the short-term volatility, the ecosystem remains bullish and optimistic about a definitive rally in this market cycle. There have been predictions of XRP flipping $3 and climbing to $3.20 in the short term. Other bold predictions believe XRP could soar to between $10 and $15 in the long term.
This latter group hinged their prediction on institutional adoption and a possible green light from the U.S. regulatory body. Several applications are before the Securities and Exchange Commission (SEC) for an XRP exchange-traded fund (ETF).
