XRP’s price movement has left short position traders leading a liquidation imbalance of 1,190% within the last four hours. As per CoinGlass data, traders betting short on XRP were wiped out, losing $112,260 within this period as XRP recorded an uptick in price.
XRP bearish positioning backfires after prolonged downtrend
XRP has been on a downward spiral in the last 30 days, losing over 25.90% as the cryptocurrency market sentiment falls. Within the last seven days, the coin has shed over 2.05% of its value as well. This likely prompted the bearish bet on XRP by traders in the space.
However, the slight upsurge witnessed in the price of XRP triggered the mild losses that short position traders suffered in the last four hours.
Long position traders were not spared as they suffered an almost negligible loss of $8,700 within the same time frame. The price volatility of the coin has left both short and long position traders with varying degrees of losses.
With XRP still trading below the key price level of $1.5 and its major resistance of $1.89 and $2, the coin’s volatility risk remains a huge source of concern to investors. The current slight upward movement came as institutional interest pushed XRP exchange-traded fund (ETF) inflows to $4.05 million.
This reflected an over 80% jump in inflows, reversing its previous decline. If the institutional demand continues, XRP might sustain its price rebound move in the crypto market.
As of this writing, XRP was changing hands at $1.43, which is a 2.38% increase in the last 24 hours. Earlier, XRP jumped from $1.38 to a peak at $1.44 before a slight drop. Its trading volume has also climbed by 3.91% to $2.32 billion within this period.
The development suggests a possible rebound amid renewed interest in the coin. How this can sustain its upward journey would depend on sustained interest from market participants.
Ripple executive lauds XRP’s performance
XRP’s chances of a continued bullish climb face stiff opposition from its Bollinger Bands signal. Notably, the current setup suggests pressure is building at crucial levels.
The bearish outlook remains, and it would require a strong rally to maintain its upward climb.
Despite the outlook of XRP, Ripple CEO Brad Garlinghouse has picked the asset as the best-performing crypto amid the current market correction. Garlinghouse claimed XRP has been able to weather the crypto storm better than other leading coins in the ecosystem.
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