CandleFocus

XRP False Breakout Triggers $1.4 Million Liquidation, What’s Next?

Author: Content Editor
On September 21, 2024, XRP experienced significant price fluctuations, resulting in the liquidation of $1.4 million in long and short positions. The cryptocurrency had been consolidating between $0.559 and $0.598, but experienced a price jump of over 4.5%, breaking out of the consolidation zone and leading to the liquidation of short positions. Traders then built large positions on the long side, expecting the rally to continue, but the price reversed sharply, resulting in the liquidation of long positions. The current XRP long/short ratio indicates bearish market sentiment, with more top traders holding short positions than long positions. XRP is currently trading near $0.597 and has seen a price surge of over 1.75% in the last 24 hours, but trading volume has dropped by 24%, suggesting lower participation. Expert technical analysis suggests that if XRP breaks out of the consolidation zone and closes a daily candle above it, there is a possibility of the price soaring by 10% to reach $0.65. Currently, XRP is trading above the 200 EMA on a daily time frame, indicating an uptrend.

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