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In a whirlwind reminiscent of a roller coaster racing at extra high speed, the crypto market in the last 24 hours has been fueled by transactions in the hundreds of millions and billions of dollars. Traders of all kinds engaged in a craze, resulting in a staggering $177.86 million in liquidated positions, with a dominant 71.88% being long positions – a clear indication of overbullish sentiment among investors, according to data from CoinGlass.
However, the spotlight fell sharply on XRP, the sixth-largest cryptocurrency by capitalization. In a surprising turn of events, the liquidation data for XRP revealed an astounding 2,000% surge in bullish investors' losses compared to bearish positions. Bulls saw a massive $2.14 million liquidated, while bears incurred a relatively modest loss of just over $100,000.
So, what's the price of XRP?
Remarkably, the XRP price displayed relatively subdued volatility during this period, experiencing a 2.11% rise and subsequently a nearly 3% fall. The stark contrast between price action and liquidation figures raises questions about the prevailing sentiment around XRP and the broader crypto market.
Recent weeks have been marked by an abundance of green candles, fostering an atmosphere of celebration among bullish traders. However, caution was seemingly abandoned, leading to XRP's unexpected prominence on the CoinGlass liquidation map.
As 2024 approaches in just two days, uncertainty looms over the crypto market. Will the liquidation pendulum swing with equal force in the opposite direction?
The dramatic surge and subsequent liquidation raise intriguing questions about the impending mood in the crypto space, underscoring the unpredictability that lies ahead. Investors eagerly await the dawn of the new year, hoping for clarity on a market that continues to keep them on their toes.
Yuri Molchan
Vladislav Sopov
