- XRP saw over $3 million in liquidation during the previous trading session.
- The price remained below the short moving average.
XRP has experienced mixed price trends in recent days, which has impacted interest in the asset. The recent decline reduced interest volume and led to a spike in long liquidation volume.
The price of XRP is falling
An analysis of XRP’s price trend showed that it had risen 3.21% by the end of trading on June 17, with the price reaching $0.50.
However, by the next trading session on June 18, most of these gains had been wiped out.
Source: TradingView
The daily timeframe analysis showed that XRP fell 2.73% on June 18, trading around $0.49.
The analysis also indicated that the trading trend continued below the short-term moving average (yellow line). The yellow line has been serving as resistance for a while, around $0.51.
At the time of writing, the decline continued and XRP was trading around $0.48. Furthermore, an analysis of the Relative Strength Index (RSI) indicated that it remained in a bear trend as the RSI was below the neutral line.
The chart also showed that the longer-term moving average (blue line) served as a resistance level around $0.56. The position of the blue line above the yellow line further highlighted the weakness of XRP’s price at this time.
XRP sees a liquidation of over $3 million
The price drop of XRP resulted in a spike in liquidation volume. An analysis of the liquidation chart on Mint glass showed that by the close of trading on June 18, more than $3 million had been liquidated.
The chart indicated that the long liquidation volume was approximately $2.79 million, while the short liquidation volume was approximately $343,000.
Interest in Ripple is declining
An analysis of the XRP Open Interest showed that the price drop also affected its trend. A look at the chart on CryptoQuant revealed that when the price of XRP saw an increase of over 3% and rose to the $0.50 price area, open interest spiked.
The graph indicated that Open Interest rose to over 422 million.
Source: CryptoQuant
Realistic or not, here is the XRP market cap in terms of BTC
As the price fell, so did the Open Interest. The graph showed that Open Interest had dropped to around 405 million at the time of writing.
This indicates that some traders closed their positions when the price fell. Although the general trend remains positive, there is a noticeable decrease in Open Interest.
