XRP Might Be Overheated, Liquidation Data Hints at Major Strain

XRP has showcased a major boom in the past 24 hours as its price outranked the majority of its peers across the board. At the time of writing, the coin's price has retained a 12.13% uptick to $0.7971. This price action has equally seen it jump to the top of the list of assets with the most liquidations in the past one hour.

XRP liquidations: Long and short traders take hit

According to data from CoinGlass, $1.32 million worth of XRP has been liquidated in the past hour. While this metric is highly volatile, the coin has seen a total loss of $19.96 million over the past 24 hours.

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The coin's volatility has forced a split loss between long and short traders, with the former taking the bigger hit. Per the CoinGlass data, long trader liquidation volume tops $10.86 million, with short liquidations accounting for $9.11 million.

XRP surpassed $0.8 on Nov. 14, the highest price mark recorded within 52 weeks. This rally underscores the potential for XRP to respond and outshine on this ongoing bull market.

This liquidation has not derailed the growth trend for XRP, underscoring how exposed most traders are. 

Has XRP price hit peak?

Despite its prospects, XRP's price might have attained its top for now, considering it has relatively lower volatility than its peers. While XRP whales continue to show a deep commitment to the asset, major headwinds remain.

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The most important aspect to note is the ongoing Ripple v. U.S. SEC suit. While a change in administration might correct this, investors remain cautious in betting on the coin due to the broad uncertainty.

Based on this, XRP might have hit its peak for now. Investors might also focus on less troubled assets like Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), all of which have positive growth forecasts.