Is XRP set to surge? Whale signals bullish intentions, liquidating $453,000 in shorts!
XRP traders are showing signs of strength by opening leveraged long positions, with over $453,000 of shorts being liquidated. This comes at a time when Ripple is facing setbacks in its ongoing legal battle with the SEC and the recent security breach affecting Ripple co-founder Chris Larsen.
XRP remains strong despite challenges.
Looking closely at what was happening in the market, traders initially thought that XRP would continue to fall even after it fell below $0.51. Contrary to expectations, XRP rebounded back above $0.51, causing many traders to close their short positions.
Over the past 24 hours, XRP traders have reported liquidations exceeding $517,600, according to data from cryptocurrency market data provider Coinalyze.
Interestingly, a significant portion of these liquidations ($453,900, or 87.69% of total liquidations) involved short positions. Most of these liquidations occurred on Binance, showing how the market reacted to XRP’s unexpected comeback.
The whale is taking a long position
In the aftermath of the surge in short-term liquidations, whale sentiment experienced a notable change, centered on long positions. Market interest futures and perpetual open interest (OI) increased by 2.31%, reaching a current value of $458 million.
The long/short ratio, an important indicator of market sentiment, surged significantly, reaching 2.80. Long positions accounted for 73.67% of all leveraged positions across all exchanges in the last 24 hours.
These changes have been consistent across various time periods, indicating growing confidence among market participants in the future trajectory of XRP.
Expectations: What’s next for XRP?
XRP is currently trading at $0.5130 and is showing signs of strength. It is up 2.23% in the last 24 hours and 2.19% in the last 7 days. This is good news after a rough period in which XRP struggled to maintain its value above $0.51.
The increase in long positions and growing market interest could be a turning point for XRP as traders make smart moves in response to the changes. The cryptocurrency community is proving that it can handle challenges and adapt to what’s happening in the market.