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The Ripple-affiliated XRP token has scored its highest weekly value of $2.95 on the Binance exchange.
However, XRP bulls stopped short of holding the psychologically important $3 level after the token nosedived by roughly 14% on Sunday, plunging to an intraday low of $2.80.
The token is currently changing hands at $3.10 after paring some losses. It has recovered in tandem with other major cryptocurrencies. Bitcoin, after briefly dipping below $100,000, is now trading above the $105,000 mark, according to CoinGecko data.
Still, according to cryptocurrency analytics platform Market Prophit, overall crowd sentiment is bearish. This is based on various social media mentions of the token. So-called "smart money" investors are also betting against the token, according to Market Phophit.
Vladislav SopovAccording to CoinGlass data, $32.5 million worth of XRP tokens ended up being liquidated over the past 24 hours, with long positions accounting for nearly 84% of the wipeout. Nearly $10 million worth of these liquidations took place on the Binance exchange.
XRP's total futures open interest currently stands at $6.69 billion, which marks a 11% drop compared to a day ago.
Last week, the XRP token finally managed to reach a new record high after roughly seven years. On Thursday, it hit a record peak of $3.40 on the Bitstamp exchange.
Despite the recent correction, the XRP token is still up by more than 26% over the past week alone.
The Ripple-affiliated token is likely to remain in the spotlight due to growing ETF buzz.
Recently, ProShares, one of the leading issuers of exchange-traded funds, filed for leveraged, inverse and futures-based XRP ETFs.
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.
Dan Burgin
Vladislav Sopov