$XRP bulls are accelerating the decline toward the previous record high at $3.40, leaving bullishly aligned traders counting losses. According to CoinGlass, approximately $24 million has been wiped out over the past 24 hours. Long position holders are bearing the biggest brunt of the weakening uptrend with liquidations amounting to $18.27 million compared to $5.29 million in shorts.
The subsequent increase in trading volume to $20.22 billion over the same period suggests selling pressure is rising with leveraged positions being forcibly closed.
Despite the increase in liquidations, the surge in the $XRP futures Open Interest (OI) to $10.94 billion shows no sign of fatigue among the bulls. Open Interest refers to the value of all the futures and options contracts that have not been settled or closed.
A persistent increase in this indicator reveals that traders are betting on $XRP price steadying the uptrend and stepping into price discovery above $3.66.
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