bullish

onXRP

when

Read

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
This week, the cryptocurrency market began with a massive liquidation event, when over $2 billion in the lowest estimated value of long and short, but mostly the former, experienced a forced close. The echoes of that event are still reverberating, with nearly $300 million liquidated in the last 24 hours, but its character is not so one-sided, according to<a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">CoinGlass</a>.
In the midst of this turbulence, an interesting anomaly has emerged in the trading of XRP, currently the third largest cryptocurrency. For example, in the last four hours, liquidations of perpetual futures on<a href="https://u.today/ripples-stablecoin-stuns-major-us-exchanges-as-xrp-community-awaits-launch" rel="noopener noreferrer nofollow">XRP</a> totaled $1.44 billion, but only $111,000 were shorts and $1.33 million longs. This is an abnormal imbalance of 1,209% and speaks volumes about the current sentiment around the popular cryptocurrency.
In other words, most traders are bullish on XRP right now, at least in the short term. However, the market is punishing those who have over-leveraged positions or those who opened late, leading to such discrepancies in trading. The late sellers are also there, but in much smaller numbers. <img src="https://u.today/sites/default/files/inline-images/coinglass_3.png" data-entity-uuid="757afe07-38cc-4d52-b9a9-3e76f2cd485f" data-entity-type="file" alt="&quot;&quot;" data-caption="Source: <a href=&quot;https://www.coinglass.com/LiquidationData&quot;>CoinGlass</a>">
The roots of such an abnormal imbalance in XRP trading lie in the price action of the popular cryptocurrency. Looking at the<a href="https://u.today/ripple-stuns-market-with-mysterious-580-million-xrp-transfer" rel="noopener noreferrer nofollow">price chart of XRP</a>, one can understand why there has been a bullish bias toward the token. In the last two days, the price has skyrocketed over 30% and is currently trading at $2.40. <img src="https://u.today/sites/default/files/inline-images/xrpusd_19.png" data-entity-uuid="f68454bc-16c9-49eb-a6d1-595ded4b4c7d" data-entity-type="file" alt="&quot;&quot;" data-caption="XRP to USD by <a href=&quot;https://coinmarketcap.com/currencies/xrp/&quot;>CoinMarketCap</a>">
Considering that the<a href="https://u.today/xrp-breakout-might-happen-in-2-days-key-pattern-to-watch" rel="noopener noreferrer nofollow">XRP price</a> has gained over 400% in the last few weeks and has been in the spotlight of the entire crypto market, many saw an opportunity to jump on the bandwagon. However, as always, latecomers and those who did not manage the risk properly were shaken off, with only a 2.9% decline during today's trading session. <a href="https://u.today/xrp-skyrockets-in-24-hours-in-abnormal-liquidation-imbalance-by-1209" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

XRP Skyrockets in 24 Hours in Abnormal Liquidation Imbalance by 1,209%

U_Today

Other articles published on Dec 13, 2024

NFT Kampung Resort: Discover the Benefits of ASTERION RWA

A Bitcoin Pioneer Sentenced To 2 Years In Prison

Tether’s USDT Recognized in ADGM: A Partial Win with a TRON Twist

Trump Team Explores Overhauling Banking Regulators in Deregulation Push

What does HODL Crypto Mean? Should I HODL My Crypto?

Can Aave Maintain Its Momentum and Continue the Bullish Trend?

Join our free newsletter for daily crypto updates!