In a strange turn of events, there have been seven times as many positive liquidations on XRP as negative ones. Since yesterday, 24 hours ago, long positions worth $3.95 million have been closed, but short positions worth only $53,100 have been closed.
The price of XRP dropped 6.3% during this strange event, which shows that investors’ views on the cryptocurrency have changed a lot. At the same time, trades in XRP derivatives went up by an amazing 83.49%, which shows that the market is very busy right now when things are unsure.
XRP Potential Impact On Stability And Market Dynamics
Some people in the cryptocurrency community think these strange selling patterns could make XRP relatively stable. This could mean that the price will rise again from important support levels. However, traders who are short on stocks are losing a lot because of the recent market drop, while those who are long on stocks are making money.
The rise in positive liquidations could be due to many things, including the need to close accounts with too much debt, margin calls after the price dropped, or bad news that came out of the blue and changed how people saw the market. Some people also think that buyers who aren’t sure of themselves feel shaky when they sell their stocks when the market is volatile.
