Advertisement
AD

Main navigation

Advertisement
AD

XRP Bulls on High Alert: Liquidations Threaten XRP Price Recovery Momentum

Advertisement
Thu, 7/12/2023 - 10:45
XRP Bulls on High Alert: Liquidations Threaten XRP Price Recovery Momentum
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

XRP enthusiasts have witnessed a roller coaster ride this week as the digital asset surged over 12% from its recent lows. 

Advertisement

Although the recovery showcased resilience, it appears that challenges persist for XRP bulls, who find themselves in a precarious position amid a market that continues to be both dynamic and unpredictable.

Related

According to CoinGlass, in the last 24 hours, XRP long positions faced a setback, with liquidations totaling a staggering $1.4 million, twice the amount of short positions which stood at just over $700,000. 

Advertisement

This unexpected turn of events catapulted XRP to the eighth position among the largest crypto assets by cumulative liquidation, hitting $2.12 million.

Article image
Source: CoinGlass

Despite yesterday's commendable performance, today's trading session has seen XRP experiencing negative dynamics, witnessing a correction of over 5% from the day's peak.

Can XRP bulls ride this wave?

In a particularly abrupt movement within the last hour, the XRP price plummeted by more than 2%, only to experience a rapid buyback shortly afterward. This intriguing sequence of events indicates a tug of war between sellers and buyers, with the latter demonstrating a willingness to deploy capital at specific price levels.

Article image
XRP to USD by CoinMarketCap

The challenges facing XRP bulls are further underscored by the token's current position in the market. Trading near $0.64 per token, the XRP token finds itself trailing behind its crypto peers despite the notable recovery.

Related

The question on everyone's mind is whether the bullish momentum can be sustained or if the volatile nature of the crypto market will once again throw the bulls off track.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

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

Popular articles

Advertisement
AD