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Recently, the XRP market has experienced severe fluctuations, with prices falling over 12% within 24 hours, triggering one of the largest long positions squeeze events since 2025. Nevertheless, analysts still believe that the target of $6 for XRP is not out of reach.
On July 24, the price of XRP plummeted by 12.22%, falling to $3.04. This trend caught long positions investors off guard, especially after VERT issued $130 million on the XRP Ledger, and the price failed to rise as expected. Market sentiment became tumultuous, and investors are closely watching whether XRP can return to an upward channel.
This fall has dealt a huge blow to long positions traders. According to data from Coinglass, the liquidation amount for long positions traders in the past 24 hours reached 112 million USD, of which 105 million USD came from bullish holders. Although this number only accounts for a small portion of the total liquidation amount of 889 million USD in the entire cryptocurrency market, it is quite a significant figure for XRP.
It is worth noting that the $94 million liquidation amount for XRP even exceeded the $76 million for Bitcoin. Considering that Bitcoin usually leads in terms of open interest, this situation is quite rare. Bitcoin's open interest reaches $82 billion, far surpassing XRP, yet this time the liquidation scale for XRP is larger, highlighting the uniqueness of this market fluctuation.
Despite the pressure on XRP prices in the short term, some market observers remain optimistic about its long-term prospects. They believe that with the continued maturation of the cryptocurrency market and the expansion of XRP's applications in cross-border payments, the price target of $6 is still achievable. However, investors need to closely monitor market trends and weigh risks and rewards.
This incident once again reminds investors that the high Fluctuation of the cryptocurrency market can lead to significant profits or losses. When making trading decisions, it is essential to comprehensively consider market factors and manage risks appropriately. With the constantly changing regulatory environment and the rapid shifts in market sentiment, the future trend of XRP still has many variables, requiring investors to remain vigilant and patient.