- XRP faces heavy liquidations, fueling significant price decline today.
- Market volatility spikes, pushing XRP to a critical oversold condition.
- Liquidations mount as XRP price struggles with bearish market trends.
XRP has faced significant price declines today, as the cryptocurrency market reacts to rising volatility and liquidation events. According to the latest liquidation data, the market has been hit hard, with massive liquidations across both long and short positions, signaling a shift in market sentiment. The latest figures show that over the past 24 hours, XRP experienced over $72 million in liquidations, with long positions leading the charge.
In the past hour, liquidations for XRP totaled $25.28K, with short positions accounting for $20.04K, reflecting a sharp decline in the market’s stability. In a similar vein, the 4-hour liquidation figure reached $286.25K, with long positions again experiencing the brunt of the liquidations at $185.92K.
The trend continued into the 12-hour period, where XRP saw a massive liquidation of $57.62 million, with long positions at $57.24 million dominating the liquidation numbers. Over 24 hours, the trend continued, with the total liquidation amount reaching $72.07 million, and long positions at $71.22 million. This shows how heavily the price has been affected, especially for long traders.
Source: Coinglass
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The Technical Picture: Bearish Signals and Oversold Conditions
Turning to technical analysis, the current charts suggest a bleak outlook for XRP’s price in the short term. The asset’s price currently sits at $1.74743, down 3.16% in the last 24 hours. The Bollinger Bands, a key volatility indicator, show XRP nearing the lower band, which typically signals a potential for further downward movement. The price has been approaching the lower range, suggesting that the selling pressure may continue for the time being.
Source: Tradingview
Moreover, the Relative Strength Index (RSI) has dropped to 33.25, indicating that XRP is nearing an oversold condition. This is often a precursor to a potential rebound, but the overall trend remains negative for now.
With the RSI in this territory, traders are increasingly cautious, waiting for any signs of stabilization or reversal. Although XRP is nearing oversold territory, the combination of liquidation events and downward price movement suggests that further declines could be possible before any meaningful recovery.
Today’s dramatic drop in XRP’s price can be attributed to both heavy liquidation activity and technical indicators signaling a bearish trend. The price continues to struggle under selling pressure, and with liquidations mounting, the market faces an uncertain future. Traders and investors are closely watching for signs of stabilization, but for now, XRP’s price remains in a difficult position.
Also Read: Analyst Says XRP Is Printing a Hammer at the Bottom, a Battle Between Sellers and Buyers
