Is XRP Ready for a Bullish Breakout?
If you are an XRP investor, recent data may have caught your attention. XRP has experienced a significant amount of liquidations in the past day, sparking concerns within the XRP community. The impact of the derivatives market on a cryptocurrency’s price cannot be ignored, making these developments crucial for anyone holding XRP.
$1.32 Million XRP Positions Get Liquidated
According to data from Coinglass, the XRP market has seen approximately $1.32 million in liquidations in the last 24 hours. A majority of these liquidations come from long positions, with $1.04 million of long positions being wiped out recently. This trend highlights the prevailing bearish sentiment within the XRP ecosystem, with bears firmly in control of the market.
- Long positions account for majority of the liquidations
- $1.04 million in long positions wiped out
Market Aversion to XRP
The bearish outlook extends to other key metrics in the XRP derivatives market. Total trading volume and open interest have dropped by 36.90% and 2.69%, respectively. This suggests that crypto investors are opting to stay away from the XRP market due to its current condition.
- 36.90% decrease in total trading volume
- 2.69% drop in open interest
Reduced Bets on XRP
Options volume in the XRP market has also decreased, indicating a reduction in betting activity on the altcoin. This decline is not surprising, given XRP’s lackluster price performance compared to other cryptocurrencies that have seen significant gains.
- Options volume decrease signals reduced investor activity
Time To Accumulate More Tokens
Crypto analyst Egrag Crypto recently advised investors to accumulate more XRP. He highlighted an ascending triangle on XRP’s monthly timeframe, suggesting a bullish trend. In anticipation of this expected bullish move, the analyst recommended increasing XRP holdings and waiting for potential positive price action.
- Egrag Crypto advises accumulating more XRP
- Signs of a bullish trend with an ascending triangle pattern
Potential Price Targets
Egrag Crypto projected potential price targets for XRP based on the ascending triangle pattern. The measured move of the pattern could lead XRP to reach either $17 or $27. The analyst had previously predicted a rise to $5 by July, indicating optimism about XRP’s future price performance.
- Projected price targets of $17 or $27
- Previous prediction of XRP rising to $5 by July
At the time of writing, XRP is currently trading at around $0.6, showing an increase in value over the past 24 hours.
Hot Take: XRP’s Potential Future
If you are holding XRP, the recent liquidations and market trends may have raised concerns. However, experts like Egrag Crypto and Zach Rector remain optimistic about XRP’s future trajectory. While current market conditions may seem bearish, projections indicate significant potential for growth in XRP’s value.
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