XRP Long Traders in Loss Amid $358 Million in Combined Crypto Liquidations

$XRP long traders might witness harsh liquidations as prices continue to decline amid a general $358 million loss on the market. CoinGlass data shows that in the last 24 hours, total liquidation of the crypto market amounts to $358 million as prices continue to experience volatility.

$XRP price weakness undermines bullish structure

Notably, $XRP traders who bet on the asset’s potential rise could suffer massive losses. Already, in the period under consideration, $XRP long-position traders have lost $4.44 million. The total liquidation for $XRP stood at $6.06 million as short position traders recorded a wipe-off worth $1.62 million.

Long traders are likely to continue on this trajectory as the price outlook of $XRP has not found stability on the market. The price of $XRP has dropped from $1.40 to a low of $1.34 within the time frame. As of this writing, $XRP is changing hands at $1.35, which represents a 1.87% rise.

The possibility of a rebound appears slim as $XRP’s trading volume has declined by 36.28% to $2.72 billion. The broader market weakness and increased selling pressure have made it difficult for the asset to reclaim the $1.50 level.

If the current bearish momentum continues and the price drops below $1.13, the dip could further worsen. However, if $XRP is able to climb and stabilize above $1.40 and there is increased institutional interest, the coin could rebound.

It is worth mentioning that $XRP is not the only asset where long traders are facing harsh liquidation conditions. The leading altcoin, Ethereum (ETH), has also recorded higher liquidation losses for long-position traders.

Ethereum long traders were wiped out of $49.31 million within the last 24 hours. Other notable assets with long position losses include Bitcoin with $124.76 million, Solana with $21.56 million and Pepe with $1.17 million.

$XRP, Bitcoin pair signals potential relative losses

Meanwhile, $XRP could lose 50% against Bitcoin in the month of March after its poor performance in February.

As per $XRP’s Bollinger Bands, if the asset falls below the lower band, it might close at a 52.91% decline when compared to Bitcoin.

As U.Today reported, $XRP bulls had closed February with a more than 1,058% liquidation imbalance as traders suffered extreme losses. This followed a massive 7.23% decline in the price of $XRP, which appears to be in a repeat pattern.