Advertisement
AD

Main navigation

XRP Bears' Liquidations Total $3.5 Million as XRP Price Nears Ripple Ruling Highs

Advertisement
Mon, 6/11/2023 - 12:40
XRP Bears' Liquidations Total $3.5 Million as XRP Price Nears Ripple Ruling Highs
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

In a significant turn of events, the XRP token has experienced a steady uptick, registering a notable 43% increase over the past three weeks. Currently valued at around $0.7 per token, XRP has reached its highest point since late July, a period marked by the pivotal SEC v. Ripple case ruling.

Advertisement

Related
XRP Whales Are Responsible for This 23% Price Increase, But There's More

During July 2023, XRP made headlines when it was officially recognized as a nonsecurity for the first time, leading to a rapid surge in its value, reaching $0.93 per token within 24 hours.

""
XRP to USD by CoinMarketCap

Interestingly, the current price surge lacks similar groundbreaking news, prompting discussions within the crypto community about XRP's potential to revisit the highs witnessed during the Ripple ruling.

Bears and latecomers denied

Nevertheless, skepticism still lingers in some quarters about XRP's price growth, as revealed by CoinGlass data. In the past 24 hours, short positions on XRP worth a staggering $3.5 million were liquidated across the market. This figure, when extrapolated, constitutes a significant 3% of total liquidations on the crypto market.

""
Source: CoinGlass

Funnily, even some XRP bulls found themselves on the wrong side of the market with long positions amounting to $1.2 million in liquidations. This paints a vivid picture: in XRP trading, neither bearish traders nor latecomers are finding a warm welcome.

Related
XRP Reaches Crucial Price Level

The question looming over the market is whether XRP can surpass the price levels seen during the July ruling. Meanwhile, CoinMarketCap reports an 83.4% increase in XRP's trading volume over the past 24 hours, reaching $2.47 billion, signaling wild interest in the token right now.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles