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XRP has stunned ecosystem traders as those betting short on the asset did not record any liquidation in the last hour. According to CoinGlass data, only those bullish about XRP suffered liquidation in the last 60 minutes of trading.
Major shift in XRP liquidations on record
Notably, long position traders saw $651,250 of funds wiped out amid the continued price volatility that has characterized trading in the last couple of days. In the last 24 hours, XRP has traded between $3.06 and $3.17 as Bitcoin’s dominance rose and diverted capital from altcoins.
As of press time, XRP was changing hands at $3.11, reflecting a 1.06% decline within the same time frame. Investors have pulled back as trading volume plunged by a significant 18.82% to $5.72 billion.
The dip in volume might have been triggered by the massive profit-taking that characterized the XRP ecosystem after its more than 40% surge in July. The development led to enormous selling pressure on the asset on the crypto market.
With Bitcoin dominance rising to 60.83, altcoins such as XRP are under pressure as capital shifts to the flagship cryptocurrency. XRP might have to wait out this cooling phase and hope ecosystem bulls will defend the current $3.00 support level.
XRP displays unusual price pattern
Interestingly, XRP has displayed unstructured price movement, which suggests a gradual loss of momentum from the market. This has created some level of uncertainty among market participants regarding XRP’s price outlook.
Meanwhile, in the broader crypto industry, Coinbase is set to introduce new XRP product, dubbed nano perpetual-style futures. The product will launch on Aug. 18, alongside a similar offering for Solana.
Notably, these futures will require lower capital and have no monthly expiration, unlike ordinary futures. Coinbase had previously launched nano Bitcoin futures and nano Ether futures.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team