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XRP has experienced one of the biggest hourly liquidation imbalances amid a price increase in the last 24 hours. The increase caused a total liquidation of $349,090 in one hour, with short position traders suffering the higher losses.
XRP short traders suffer $281K in liquidation surge
As per CoinGlass data, traders betting short on XRP saw $281,180 wiped out in 60 minutes, up by 54,781% in liquidation. This loss was triggered as XRP climbed from $3.21 amid prevailing bullish sentiments to $3.36. The price gain forced position closures, contributing to the massive hourly bloodbath.
As of this writing, XRP was changing hands at $3.34, showing a 0.83% increase in the last 24 hours. Despite the price increase, there is a significant dip in trading volume by 37.95% to $7.35 billion within the same time frame.
The positive trends in the XRP ecosystem flow from the certainty that now trails the asset following its new regulatory clarity. With the joint dismissal of the Securities and Exchange Commission (SEC) and Ripple appeals, stakeholders are now confident to invest.
The asset is gaining institutional interest, with some firms already revealing that they own XRP in their treasury. Market participants consider this a positive signal for the coin in the long run.
However, in spite of the optimism, traders who bet long on XRP also recorded some losses in the last hour. A total of $67,910 was wiped out amid the liquidation imbalance.
XRP price rally signals potential breakout
An earlier U.Today report highlighted that the asset’s technical indicators suggest XRP might break out in an explosive price rally. The Bollinger Bands are experiencing wide stretches and signaling that the market is ready for higher price discovery.
However, amid this positive outlook, XRP has suffered a setback in its exchange-traded fund (ETF) interest. Notably, BlackRock, the asset management giant, has confirmed it has no interest in joining the XRP ETF race. Many stakeholders, including Nate Geraci, had been betting on BlackRock’s interest before now.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team