XRP, Solana In Spotlight As Crypto Liquidations Top $304 Million

With very few exceptions, top crypto assets, such as XRP and Solana have experienced volatility in the last 24 hours, causing a decline in price. This has led to severe liquidations of over $304 million within this time frame.

XRP and Solana Traders Caught Off Guard

According to CoinGlass data, most assets recorded a liquidation imbalance, with long position traders registering more losses.

XRP and Solana (SOL) were some of the top assets hit with a huge liquidation imbalance. This comes as traders betting on their continued growth were stunned by price fluctuations.

Ripple’s associated currency, XRP, plunged from a peak of $2.31 to $2.23. Investors holding XRP, who were betting on the coin’s climb towards the $3 range, did not anticipate this decline.

The development led to a total liquidation of $6.99 million for XRP. Of this amount, long position traders lost $6.23 million, while short traders stayed below a million dollars.

Those trading short on XRP lost a total of $764,910. This indicates that long position traders were over six times disadvantaged.

As of this writing, XRP is on the path of recovery, trading at $2.27, representing a 0.54% increase. Investors appear to have moved on, as trading volume is up by 20% to $2.54 billion.

Solana traders lost a total of $7.42 million in bets on it as the price plunged from $175.18 to $168.48.

The loss of over $7 triggered a liquidation of $5.32 million for traders betting long on SOL.

This represents more than twice the losses suffered by traders betting short. Who saw a total liquidation of $2.10 million.

This indicates that XRP and Solana traders were bullish and anticipating price rallies, but market volatility left them with mild losses.

History Not on the Side of XRP for June Outlook

Although XRP is on a recovery path as of press time, historical trends suggest that the asset might have a rough June.

Cryptorank data shows that XRP price has an average negative growth is 5.83%. This implies that if history repeats itself, XRP could record another decline in June.

Over the past 11 years, XRP has managed to reverse this bearish growth on three occasions, namely in 2015, 2016, and 2017.

Whether XRP could attempt to defy history in 2025 remains uncertain. However, broader developments might support this quest.

Notably, XRP’s price could rebound on sentiment surrounding the Securities and Exchange Commission (SEC) initiating a review process of WisdomTree’s exchange-traded fund (ETF) application.

Besides the SEC’s anticipated nod, the launch of the first US XRP futures ETF (XRPI) on Nasdaq has increased bullish sentiments among traders.

This might translate to support for XRP and help reverse the historically negative growth in the ecosystem.

Solana Nears Oversold Territory as Asset Eyes Rebound

Solana has a better outlook for June, with data showing a 2.61% growth on average.

In the last seven days, SOL’s value has depreciated by 6.02% as technical indicators suggest the asset might soon reach oversold territory.

This could signal a reversal for Solana and set it up for a potential rebound as June approaches.

However, it has to overcome several resistance levels to post a rebound.

Notably, SOL has to breach the $172 level before attempting the critical $180 price resistance. TheCoinRepublic reported that SOL could hit $200 if it clears some of these key resistance levels.

As of this writing, the SOL price was down 1.10% to $168.61. Trading volume is also down 5.62% to $3.28 billion.

With Solana on the verge of being oversold, the price could rebound after reaching a bottom. Whatever happens, investors look forward to June’s outcome.

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