XRP Price Surge Wipes Out Millions as Traders Brace for Major Breakout

XRP has sparked major liquidations across the futures market after its recent price surge unsettled many traders within the last 24 hours.

According to data shared by CoinGlass XRP, total liquidations were $4.08 million after breaking a crucial resistance level. Long position traders bore the heaviest losses, with $2.60 million wiped out from those betting on XRP’s continued rise.

Meanwhile, short sellers were not spared either, registering losses of $1.49 million as the asset continued its upward movement. The 69 percent imbalance between liquidations resulted in long traders becoming the primary target of the price volatility during the market correction.

Also Read: XRP’s Next Chapter: Bank Adoption to End XRP Wild Price Swings, Expert Explains

A surge of XRP prices above $2.22 during trading hours triggered remarkable market volatility, directly affecting traders. XRP’s rapid increase surprised numerous traders who engaged in emission while causing multiple platforms to experience mass investor departures.

The large volume of long positions in liquidation indicates that bullish sentiment toward XRP remains established. Market participants predict additional price elevation for XRP because of the U.S. Securities and Exchange Commission’s regulatory approval.

XRP Eyes Major Breakout as Golden Cross Formation Nears

Moreover, XRP is on the brink of forming a golden cross, a technical pattern often linked to strong future rallies. Maintaining the current upward momentum is now critical for XRP’s breakout prospects.

Precise market analysis indicates XRP maintains a trading rate of $2.20, which shows an increase of 2.08 percent during the past day. Despite the price increase, the trading volume has undergone a significant 17.54 percent decline to reach $3.23 billion.

XRP faces a downward price movement below $2 because technical indicators indicate weak buying support will cause this drop. Traders now monitor the $2.50 resistance because it is a pivotal barrier to proving significant market movement potential.

The recent market correction indicates that even though bullish sentiment is strong, volatility is a dominant element that affects XRP’s price movement. XRP’s price movement presents traders with volatile market conditions because it approaches vital resistance and support elements in upcoming trading days.

Also Read: Dragonchain Lawsuit Ends as SEC Changes Course Under Trump’s New SEC Chairman

The post XRP Price Surge Wipes Out Millions as Traders Brace for Major Breakout appeared first on 36Crypto.