With 2024 coming to an end and making way for 2025, popular cryptocurrency XRP has decided to finally delight market participants with green on its price chart, rising as much as 5.5% today.
However, this article is not about XRP's price action — on which, you can find more here if you are interested. This article is about the consequences of such a late Christmas present from the popular cryptocurrency, which is mainly expressed in the epic liquidation imbalance caused by the recent pump.
Gamza KhanzadaevThus, as became known thanks to data from CoinGlass, in the past 12 positions were liquidated worth $1.92 million in derivatives trading with the popular cryptocurrency. However, only a small fraction of that, $287,000, were longs, and the other 84.89% were shorts.
As things stand, the amount of pain suffered by bears was 567%, more than what was experienced by bulls. Perhaps this is why the upward movement of the XRP price was so rapid, as it literally crushed those who bet on its decline.
This local trend was not only about XRP, as out of the total liquidations on the crypto market worth $84.48 million in the period under review, 65.75% were shorts.
From another perspective, the imbalance in XRP trading is almost 10 times higher, which eloquently characterizes the short-term sentiment toward the popular cryptocurrency. Well, XRP bid farewell to the bears with a "thanks for playing" message on New Year's Eve and seems to be heading into 2025 with a "bull green" on its price chart.
Whether this trend will continue into next year is an open question.
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Alex Dovbnya
Vladislav Sopov
Dan Burgin