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After a continuous price drop, $XRP is on the verge of breaking out from its prolonged consolidation phase, a key resistance zone. The key reason for this bullish outlook is the price rebound across the cryptocurrency market.
$XRP’s Price Momentum
With the shift in market sentiment, $XRP’s price has soared by 2.50% in the past 24 hours and is currently trading near the $2.51 level. This price surge has pushed the asset close to the upper boundary of its consolidation zone at $2.54.
If market sentiment remains unchanged, there is a strong possibility that $XRP could breach this prolonged hurdle and surge by 30% to reach the $3.32 level.
$XRP Key Levels and Over-Leveraged Positions
Looking at the bullish outlook, intraday traders holding long positions are strongly dominating $XRP, having maintained significant open positions over the past 24 hours.
Data shows that traders with long positions are over-leveraged at $2.386, where they have built $65 million worth of long positions. Meanwhile, $2.533 is another key level where traders with short positions are over-leveraged, currently holding $20 million worth of short positions.
Looking at the current $XRP price in relation to the liquidation level, it appears that $20 million worth of over-leveraged positions is at risk of liquidation, as the price is near the $2.533 level. If this level gets liquidated, there is a strong possibility that $XRP could easily reach its predicted level due to minor bets by short traders.