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In the past 24 hours,&nbsp;<a href="https://u.today/xrp-055-denied-brutally-3-levels-to-watch-next" rel="noopener noreferrer nofollow">XRP</a> has seen a big difference in the number of liquidations between those who are long and those who are short on the token on the perpetual futures market. Data from&nbsp;<a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">CoinGlass</a> shows that the total liquidation of XRP derivatives during this period was over $780,000.&nbsp;
What really stands out, though, is the unequal nature of these liquidations. A whopping 97.43% — or $760,800 — came from long positions, which were bets on a rise in XRP's price.
It looks like the collapse of these long positions is down to bulls, or buyers, trying to make the most of a potential price surge for XRP. Yesterday, the token saw a promising price increase of more than 1.5%, reaching a critical level around $0.54 per XRP, which got people feeling optimistic about a breakout.&nbsp; <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="a0419c51-c7b8-4934-9370-6e043b560b52" src="https://u.today/sites/default/files/inline-images/xrpripple_0.png">Source: <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">CoinGlass</a>
But the market had other ideas. Instead of a breakout,&nbsp;<a href="https://u.today/xrp-could-be-on-verge-of-huge-squeeze-against-bitcoin-coinbase-announces-new-listing-binance-xrp" rel="noopener noreferrer nofollow">XRP</a> faced a sharp rejection, leading to a 1.6% drop in just 30 minutes. The situation got worse over the next few hours, as another wave of selling pressure emerged, pushing the token down by an additional 1.83%.
<h2 dir="ltr" id="xrp-price-outlook">XRP: Price outlook</h2>
As a result, the bulls took the biggest hit, with 37.5 times more liquidations than the shorts during this volatile period, while XRP saw an overall decline of 3.37%.
It is unclear what will happen next, but it seems that XRP may stabilize around the $0.50 mark. This price zone is important because it corresponds to a dynamic price support line that first appeared in June 2022 and has shown it can hold up. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="beb57fe0-f5ea-4204-bc78-3ad85c97257c" src="https://u.today/sites/default/files/inline-images/XRPUSD_2024-09-11_19-15-28.png">Source: <a href="https://www.tradingview.com/x/dkfwmZAx/" rel="noopener noreferrer nofollow">TradingView</a>
While&nbsp;<a href="https://u.today/ripple-cto-thanks-elon-musk-in-surprising-x-post" rel="noopener noreferrer nofollow">XRP</a> briefly held above this level during a remarkable summer rally, which saw the token surge by over 52% in just nine days, it looks like it may return to this key support level soon.

XRP Rockets 3,750% in 24 Hours in Abnormal Liquidation Imbalance

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