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XRP long traders might witness harsh liquidations as prices continue to decline amid a general $358 million loss on the market. CoinGlass data shows that in the last 24 hours, total liquidation of the crypto market amounts to $358 million as prices continue to experience volatility.
XRP price weakness undermines bullish structure
Notably, XRP traders who bet on the asset’s potential rise could suffer massive losses. Already, in the period under consideration, XRP long-position traders have lost $4.44 million. The total liquidation for XRP stood at $6.06 million as short position traders recorded a wipe-off worth $1.62 million.
Long traders are likely to continue on this trajectory as the price outlook of XRP has not found stability on the market. The price of XRP has dropped from $1.40 to a low of $1.34 within the time frame. As of this writing, XRP is changing hands at $1.35, which represents a 1.87% rise.
The possibility of a rebound appears slim as XRP’s trading volume has declined by 36.28% to $2.72 billion. The broader market weakness and increased selling pressure have made it difficult for the asset to reclaim the $1.50 level.
If the current bearish momentum continues and the price drops below $1.13, the dip could further worsen. However, if XRP is able to climb and stabilize above $1.40 and there is increased institutional interest, the coin could rebound.
It is worth mentioning that XRP is not the only asset where long traders are facing harsh liquidation conditions. The leading altcoin, Ethereum (ETH), has also recorded higher liquidation losses for long-position traders.
Ethereum long traders were wiped out of $49.31 million within the last 24 hours. Other notable assets with long position losses include Bitcoin with $124.76 million, Solana with $21.56 million and Pepe with $1.17 million.
XRP, Bitcoin pair signals potential relative losses
Meanwhile, XRP could lose 50% against Bitcoin in the month of March after its poor performance in February.
As per XRP’s Bollinger Bands, if the asset falls below the lower band, it might close at a 52.91% decline when compared to Bitcoin.
As U.Today reported, XRP bulls had closed February with a more than 1,058% liquidation imbalance as traders suffered extreme losses. This followed a massive 7.23% decline in the price of XRP, which appears to be in a repeat pattern.
Dan Burgin
Vladislav Sopov
