XRP enthusiasts have witnessed a roller coaster ride this week as the digital asset surged over 12% from its recent lows.
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.
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.
This unexpected turn of events catapulted XRP to the eighth position among the largest crypto assets by cumulative liquidation, hitting $2.12 million.
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.
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.
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.