- At the time of writing, XRP’s 200 EMA was acting as a crucial support level.
- $32.41 million in short positions will be liquidated if XRP reaches the $0.587 level.
Under continued selling pressure, top assets continue to fall, including Bitcoin [BTC]Ethereum [ETH]Solana [SOL]and Ripple [XRP].
However, XRP received a lot of attention from the crypto community as it disrupted the crucial USD 0.556 support level.
Crucial breakdown of support
Following this breakout, traders liquidated more than $2.71 million in long and short positions. Of this, $2.41 million in liquidation came from long positions, and $298.4k in liquidation came from short positions.
Beyond this breakdown, Ripple has unlocked 1.8 billion XRP tokens worth $981 million in recent days, according to blockchain transaction tracker Whale alert.
This token unlock has increased the total circulating supply and made XRP more bearish.
Despite this bearish outlook, whales moved a whopping 75.36 million XRP tokens worth $40.2 million from Binance [BNB] to an unknown wallet.
XRP Price Analysis
Currently, XRP is trading around $0.54 and has experienced a price drop of over 4.5% in the last 24 hours. Meanwhile, trading volume fell 35% over the same period, indicating fear in the market.
Additionally, XRP’s Open Interest (OI) has fallen 7% over the past 24 hours, indicating lower interest from investors and traders during this market downturn.
Technical analysis and upcoming levels
According to expert technical analysis, XRP looked bearish as it touched a crucial support level at USD 0.556.
Despite this, XRP found support from the 200 Exponential Moving Average (EMA), a positive sign for XRP traders and investors.
Source: TradingView
However, if
High level of liquidation
At the time of writing, key liquidation levels are at $0.526 on the downside and $0.587 on the upside, according to analytics firm Coinglass.
Source: Coinglass
Read Ripple’s [XRP] Price forecast 2024-25
If market sentiment remains unchanged and XRP falls below the $0.526 level, nearly $7.09 million in long positions will be liquidated.
Conversely, if market sentiment changes and XRP rises to $0.587, nearly $32.41 million in short positions will be liquidated.
