Fuel

Rally

onXRP

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 Cover image via <a href="https://u.today/">U.Today</a>
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The anomalous dynamics continue with the popular<a href="https://u.today/binance-announces-six-new-listings-with-ai-meme-coins-and-solana-in-focus">cryptocurrency</a> XRP, especially when it comes to trading on the futures market. Thus, according to data from<a href="https://www.coinglass.com/LiquidationData">CoinGlass</a>, the volume of liquidations of perpetual futures on<a href="https://u.today/xrp-hits-2021-high-on-google-trends-as-price-cannot-stop-growing">XRP</a> over the past four hours totaled $2.57 million, which is currently the fourth largest volume on the entire crypto asset derivatives market.
What is even more entertaining about this type of liquidation is that only 17.9% of it is long positions, while the entire bulk comes from short position liquidations. As a result, there was an imbalance in XRP during the period under review, with short liquidations exceeding long liquidations by 4.54 times, or 454%.
<img src="https://u.today/sites/default/files/inline-images/xrp_412.png" data-entity-uuid="a2c31401-e81c-4c72-a0b4-bfcb2ef4ee04" data-entity-type="file" alt="&quot;&quot;" data-caption="Source: <a href=&quot;https://www.coinglass.com/LiquidationData&quot;>CoinGlass</a>">
This difference is explained by the price action of XRP, when the token literally does not stop growing, and partly by the stubbornness of bearish sellers, whose liquidations of short positions stimulate the already vertical growth of the token's price.
<img src="https://u.today/sites/default/files/inline-images/usdxrp_0.png" data-entity-uuid="4142c302-b0e7-403b-a7d5-610b395af104" data-entity-type="file" alt="&quot;&quot;" data-caption="XRP to USD by CoinMarketCap">
Thus, in these four hours, the<a href="https://u.today/xrp-ledger-ethereum-sidechain-welcomes-major-release-details">price of XRP</a> once again printed a green candle of 6.34%, reaching a high of $1.15. As you can now see from the data, this was largely due to the forced closing of bearish positions on futures for more than $2 million.
Clearly, going short on XRP is hardly the best trading strategy right now. Ultimately, the price of the token will continue to rise longer than the sellers have enough money, and it is likely that as long as they keep trying to chase a top in XRP, the price will continue to rise. <a href="https://u.today/xrp-rockets-454-in-liquidation-imbalance-as-bears-fuel-price-rally">Read original article on U.Today</a>

XRP Rockets 454% in Liquidation Imbalance as Bears Fuel Price Rally

U_Today

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