Digital asset markets are experiencing a general correction that began in April. Ripple, or XRP as it is commonly known, has seen $6 million liquidations in the last 24 hours. The price is fighting to stay at $0.60. The liquidations occurred over the last 24-hours, according to CoinGlass data.
Price of asset is declining steadily in near-term. Over the last seven days, XRP is down nearly 5%, as per CoinMarketCap. These losses have risen to over 6% in the past month. The asset has reached a critical point in its battle with bulls and bears.
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Prices Fight for Critical Levels Leads to Ripple (XRP ) Liquidations of $6 Million
This past year has seen the digital asset market reach extremes. But these have usually been balanced by corrections back to much lower levels. Bitcoin has risen to unprecedented heights as a result of these developments, but they have also affected other tokens in a negative way.
Ripple, a cryptocurrency that is struggling to maintain $0.60 in the current market conditions in 2024, has recently seen $6 million liquidated. The asset has been able to hold onto $0.60 despite a drop in trading volume of more than 25 percent in the past 24 hours.
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A closer inspection of the data shows $5.6 Million in liquidated contracts was owned by long positions. Those who placed bets on Ripple’s (XRP), increasing prices, were forcibly forced out. Short positions, on the other hand, saw profits due to falling prices, and only liquidated $324.200 in contracts.
The trading volume mentioned above saw an explosive 60% increase when liquidations took place. The increase in sales pressure is likely to have sparked this trend, although the change of volume trading could be a sign that the price will not continue dropping soon.
If the asset continues to fall, it will face a support of $0.55. The asset may also have a short term upside. Some analysts are optimistic and have set the price at $0.74. There is yet to be a huge shift in sentiment as the Bitcoin Halving Event will take place at the end of this month.
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Source: watcher.guru
