u.today
$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.