In a perpetually bubbling crypto market, XRP has stood out with a significant movement. In just a few hours, the breakout of resistance at $0.57 and a massive wave of liquidations have disrupted the balance of forces. This double event, combining buying pressure and selling capitulation, puts XRP back in the spotlight.
A wave of liquidations pushes🚀 XRP beyond a significant resistance
In the last 24 hours, XRP has caused instability in the derivatives markets. According to data from CoinGlass, the cryptocurrency has recorded $4.08 million in liquidations, with a clear predominance of long positions.
$2.60 million were liquidated from the side of traders betting on the rise,” the report specifies. Meanwhile, short positions only suffered losses of $1.49 million, creating a 69% imbalance in the XRP futures market.
This dynamic began after a rapid price spike to $2.22, followed by consolidation around $2.20.
The key elements of this recent evolution are:
Total liquidation volume: $4.08 million in 24 hours;
Liquidated long positions: $2.60 million;
Liquidated short positions: $1.49 million;
Recorded imbalance: 69% against long positions;
Price reached: peak of $2.22 before stabilization.
This violent volatility trapped many optimistic investors, who were anticipating an immediate continuation of the rally. However, the market quickly underwent a correction, revealing a persistent fragility in XRP's bullish structure. It is noteworthy that the asset is currently attempting to form a golden cross, often interpreted as a bullish signal, but it requires confirmation through solid volume support to avoid a negative reversal.