According to Coinglass, if the price of Ripple's XRP hits $0.60, it could result in the liquidation of millions of dollars in open contracts. Currently, XRP is trading at $0.52, having dropped from $0.60 at the beginning of October. The analysis indicates that there is a bearish sentiment among traders, with more short contracts valued at $28.40 million compared to long contracts valued at $10.50 million. The Ichimoku Cloud suggests that XRP may face resistance hindering a quick rebound, and the altcoin has fallen below major Exponential Moving Averages (EMA), indicating a bearish trend. However, a break above the $0.55 resistance level could bring the liquidation price to life in the short term.



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