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XRP price fluctuations in the last 24 hours saw the coin flashing mixed signals to investors in the ecosystem. Although XRP attempted a bullish breakout as it looked to reclaim higher levels, market volatility prevailed, leading to mild liquidations.
XRP maintains resilience despite mixed liquidation trends
However, the price movement only recorded a temporary dip to $2.05 in a crucial support level retest. As of press time, XRP's price changed hands at $2.09, a 0.84% increase in the last 24 hours.
This might account for the near-even liquidation seen on XRP, which registered a total liquidation of $4.75 million.
Caroline AmosunAccording to CoinGlass data, the difference in liquidation between long and short position traders reached just $20,000 in the last 24 hours.
Notably, traders betting long on XRP to hit higher levels lost $2.39 million as the price dropped. XRP hit $2.12 as it teased breaching the $2.20 level before witnessing a correction. Meanwhile, short position traders saw $2.37 million of investment wiped out within the same time frame.
Considering the cumulative figure, the resulting liquidations between long and short position traders are mild. This could be attributed to XRP's resilience in the broader crypto market space so far this year.
XRP has edged out Dogecoin in this liquidation trend outlook. Within the same time frame, Dogecoin, the leading meme coin, recorded a cumulative liquidation of $3.73 million.
Unlike XRP, long position traders lost fewer funds than short traders. The liquidation of long position traders was $100,000 less than that of short position traders, which came in at $1.82 million. Short position traders saw $1.92 million wiped out.
Eyes on XRP ETF momentum
Despite these liquidations, XRP’s resilience has helped it stay ahead of Ethereum, the leading altcoin. XRP remains on track to hit six months of outperforming Ethereum in the crypto market.
Gamza KhanzadaevMarket participants bet that XRP will register more growth when the U.S. Securities and Exchange Commission (SEC) approves the spot XRP ETF for trading. Some asset managers have submitted applications for the product to the regulatory body.
Meanwhile, as per a U.Today report, notable stakeholders in the crypto space, including Nate Geraci, believe there is no reason for the SEC to deny approving the spot XRP ETF.
Vladislav Sopov
Dan Burgin