$58 Million Worth XRP at Risk of Liquidation
XRP short sellers appear to be in trouble as market sentiment reverses amid continued market volatility. On-chain indicators suggest bulls are back in action, heavily supporting Ripple Labs’ native token XRP.
Main liquidation areas for XRP
Data from on-chain analytics companies coin glass It was revealed that short sellers will lose more than $57.8 million worth of XRP. According to on-chain indicators, short sellers are severely overleveraged at the $3.25 level, with $57.8 million worth of open positions.
Meanwhile, the price of XRP is showing strength and has reached the $3.21 level, with an upward momentum of 3.25% in the past 24 hours. Conversely, bulls were significantly overleveraged at the $3.00 level, where they opened a long position worth $107.5 million.
These open positions continue to rise, raising concerns among short sellers as the price signals a potential upside rally. Based on trader sentiment, if the price of XRP continues to rise and reaches the $3.25 level, short positions worth nearly $57.8 million may be liquidated.
among this volatilityTrader and investor participation declined, resulting in a 51% drop in trading volume.
XRP Price Prediction
According to expert technical analysis, XRP looks bullish as it is about to break out of the consolidation zone it has been stuck in for the past six days. Based on recent price action, if XRP closes above the $3.34 level, there is a high chance that it will surge by 35% to $4.50 levels in the coming days.
On the positive side, XRP has a relative strength index (RSI) of 65, indicating potential upward momentum and further signaling a buying opportunity.
Combining on-chain indicators with technical analysis suggests that bulls are now in control and could help XRP break out of the consolidation zone.
