A sudden drop shakes XRP and wipes out millions in minutes!
In a swift and unexpected decline, the price of XRP fell to $2.15 on April 30, causing the liquidation of long positions worth $13.9 million within hours, compared to only $1.49 million in short positions, indicating a clear bias towards buying.
Despite the price rebounding later to $2.20, analysts warned of the possibility of a repeat liquidation if the price does not maintain this critical support. This decline comes despite the positive momentum surrounding Ripple, following the U.S. Securities and Exchange Commission's suspension of its lawsuit against the company, and the launch of the stablecoin RLUSD, amid expectations of an imminent approval for spot XRP exchange-traded funds.