The surprise hit of Bitcoin to $93k has had a cascading effect on the broader crypto market. Moreover, this month had some major events, including Trump’s reelection, the Federal Reserve cutting interest rates by 25 basis points, and Elon Musk appointed to head DOGE. With all these narratives, the XRP started to gain momentum, reaching a price of $1.02 at press time after BTC’s ascent to its peak.
While memecoins like PNUT have yielded 100% profit in a week, XRP crossed the $1 milestone after 1090 days. It could be a rejoicing moment for XRP holders who were patient during the turbulence. This breakthrough comes amid a bullish trend and news of Brad Garlinghouse, CEO of Ripple, meeting Presidential elect Donald Trump. Furthermore, based on the Orderbook Liquidity and Liquidity Map, the current trend is expected to continue, with XRP potentially reaching $2 or even surpassing its ATH of $3.84.
According to the Aggregated Orderbook Liquidity on a one-day chart, XRP has a bid price of $4.62 and an ask price of $2.78 in spot trading. This means more traders are bidding to buy the coin than traders who are willing to sell the coin, indicating that the market is currently in a bullish momentum. Furthermore, this momentum suggests that traders have a strong belief in XRP’s potential for future growth, which is fueled by recent market sentiment surrounding the asset.
The higher bid price reflects intense buying pressure, with investors trying to buy XRP at premium costs. Additionally, the lower ask price indicates reluctance among investors to sell their holdings. The difference between the bid and ask prices can cause the value of XRP to rise even further if the trend continues to persist.
XRP Outperforms Bitcoin; Bybit Leads $1.37B Open Interest
The XRP liquidation map shows more people are betting long than short. On a one-day timeframe, the cumulative long liquidation leverage is about $155.86M at the price of $0.859. Of the long leverage, Binance shows 5.17M, OKX at 1.76M, and Bybit displays 6.58M. The short liquidation leverage is at $36.88M for the price of $1.111, with OKX exchange having over 17.51K, and Bybit shows 8.82K.
