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XRP continues to make headlines on unusual occasions, as this time, the popular cryptocurrency was at the center of a major market shift that saw a colossal amount of liquidations by buyers of perpetual futures on it.
It is “colossal” not because it exceeded $1 million in 24 hours, as the entire cryptocurrency derivatives market saw more than $122 million in liquidations during that time. It can be called such because this figure was 14.134% higher than the volume of liquidations by traders that are skeptical of the price of XRP.
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Thus, according to CoinGlass, the volume of bearish liquidations on XRP during the period in question amounted to a ridiculous $7,570. In general, such an abnormal deviation or imbalance, as it can be called, eloquently displays the balance of power on the cryptocurrency market right now.
Why did this happen?
It is simple because it is all about the price action of the seventh largest cryptocurrency. Over the past 24 hours, XRP has experienced strong bearish pressure amid a fierce battle in the $0.534 per token range.
As a result, the bulls lost this battle and the price of XRP rolled over 1.7% lower, eliminating all futures buyers along the way.
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As early as yesterday, U.Today reported that XRP was on the verge of a free fall, and today’s events, while not the most biting drawdown, demonstrate this with a visual cascade of red candles on the popular cryptocurrency’s price chart.
What’s next for XRP may be more interesting than ever.
