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A total of $1.04 billion has been liquidated across the crypto market amid a broader sell-off on Thursday. A total of $868 million in bullish positions across the crypto market was liquidated in the past 24 hours, while shorts accounted for $174 million, according to CoinGlass data.
XRP was hit hard in the market sell-off, dropping 15% at one point on Thursday. At the time of writing, XRP was down 14.41% in the last 24 hours to $1.37, having previously reached an intraday low of $1.32.
In the last 24 hours, XRP total liquidations reached $34.64 million as it extended an earlier sell-off this week.
Amid the price crash, top XRP Ledger validator Vet remains optimistic, highlighting that "crypto isn't going away" in a tweet.
Vet wrote in a tweet: "I know you feel down given the market recently. It's part of the journey. Crypto is improving non stop and this industry isn't going away. It's destined to revolutionize finance.We'll bounce back like we always do, just make sure you're in a good place mentally first."
XRP flashes crucial recovery signal
XRP saw a sharp drop on Thursday, falling to $1.326 from a high of $1.51 and extending its drop from Feb. 3 into the third day. XRP is down 27% weekly, amid a brutal sell-off with nearly half a trillion dollars wiped off from the total crypto market value.
Amid the price crash, XRP open interest has increased 3.23% in the last 24 hours against a broader drop for major cryptocurrencies as traders short the recent dip.
If shorts dominance builds up in the coming sessions, a short squeeze-fueled increase might trigger a relief rally for the XRP price.
The daily RSI has plunged deeply into the oversold zone, now at 19, hinting at a potential rebound in the coming sessions if the market recovers. In this case, XRP will target $1.91 and $2.47 next. Major support is expected next at $1 ahead of $0.50 if the market sell-off continues.
In XRP Ledger news, Permissioned Domains has gone live on the XRPL Mainnet, while the Permissioned DEX has achieved validator consensus to activate in two weeks. Once this is achieved, the full "permissioning stack," including Credentials, Permissioned Domains and Permissioned DEX, will be available for institutions to access compliant liquidity pools on XRPL.
Tomiwabold Olajide
Denys Serhiichuk
Caroline Amosun
Gamza Khanzadaev