u.today
There has been a comprehensive recovery in the digital currency ecosystem, with the XRP price in the spotlight. The coin triggered a broader market rally on March 19 after the United States Securities and Exchange Commission (SEC) ended its lawsuit against Ripple Labs. The update triggered a 13% jump in the price of XRP, fueling a shift in the coin’s liquidation.
XRP liquidation evens out
At the time of writing, CoinGlass data pegs the XRP liquidation in the past 24 hours at $36.96 million. This figure amounts to more than 14,890,000 XRP, per market data.
Unlike previous liquidation trends, which showed a defined imbalance between long and short traders, this current figure reveals that both classes of investors recorded the same losses.
While long traders saw a total liquidation of $18.21 million, short traders had more at $18.75 million. This trend is not surprising, considering the massive fluctuations experienced on the XRP market shortly after the lawsuit's closure was announced.
Traders were fairly confused as Ripple CLO hinted at possible plans to file a counter-appeal against the U.S. SEC. This implies that the case might not be over, as many suggested, a sell-the-news event that triggered a split liquidation outlook.
Overall, the price of XRP is still maintaining its bullish outlook, up by 7.89% in 24 hours to $2.496.
What's next for XRP's price?
As it stands, XRP traders might have more positive fundamentals to lean onto moving forward. Shortly after the Ripple and SEC news, Bitnomial launched the first XRP futures contract in the United States.
This product might set the stage for the emergence of a full-blown XRP ETF product in the country. With XRP now in the clear as a nonsecurity, the broader XRP Ledger ecosystem might now welcome an influx of developers.
The protocol is poised to welcome explosive growth in its decentralized applications (DApps) moving forward, which will indirectly impact the XRP price.