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XRP Sees An Alarming 1,800% Surge In Liquidations, Whats Going On?
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XRP Sees An Alarming 1,800% Surge In Liquidations, Whats Going On?

Scott Matherson
Scott Matherson
1 year ago
3 mins read
XRP

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XRP has witnessed an alarming amount of liquidations in the last 24 hours. This has no doubt caused concerns in the XRP community, considering the impact that the derivatives market has on a crypto’s price. 

$1.32 Million XRP Positions Get Liquidated 

Data from Coinglass shows that $1.32 million has been liquidated from the XRP market in the last 24 hours. Long positions account for a majority of these liquidations, with $1.04 million in long positions being wiped out during this period. This underlines the bearish sentiment plaguing the XRP ecosystem, with the bears firmly in control. 

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This bearish outlook is also evident in several other key metrics in the XRP derivatives market. For instance, the total trading volume and open interest have dropped by 36.90% and 2.69%, respectively, which suggests that crypto investors are choosing to stay out of the XRP market.

Meanwhile, there has also been a decline in the options volume, further suggesting that crypto investors have reduced their bets on the the altcoin. This is, however, not surprising considering how XRP has maintained a tepid price action despite the broader crypto market enjoying significant price gains at different times. 

Despite XRP’s current market conditions, there are still those betting heavily on a bullish future trajectory for the crypto token. This includes crypto expert Zach Rector, who has stated that the altcoin will “not miss the bull run” despite its current price action. He alluded to XRP’s fundamentals as one reason for his belief. 

More recently, he mentioned that XRP will soon experience a supply shock with increased token burns on the horizon. These token burns help reduce the number of tokens in circulation and can help drive up the token’s value through scarcity. 

Time To Accumulate More Tokens

Crypto analyst Egrag Crypto recently mentioned in an X (formerly Twitter) post that it was time to accumulate more XRP. He made this statement while highlighting an ascending triangle on XRP’s monthly timeframe, which “screams bullish.” In anticipation of this bullish move, the analyst urged crypto investors to “accumulate more, and then just sit back and wait for the magic to happen.”

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As to how high XRP could rise, Egrag stated that “the measured move of the Ascending Triangle could potentially reach either $17 or $27.” The analyst had also recently claimed that the altcoin would rise to $5 by July. 

At the time of writing, XRP is trading at around $0.6, up in the last 24 hours according to data from CoinMarketCap. 

XRP price chart from Tradingview.com

Token price at $0.61 | Source: XRPUSDT on Tradingview.com
Featured image from Investopedia, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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