{"id":601198,"date":"2024-04-03T14:00:24","date_gmt":"2024-04-03T14:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=601198"},"modified":"2024-06-11T08:39:47","modified_gmt":"2024-06-11T08:39:47","slug":"fear-grips-xrp-market-as-liquidations-top-6-million-details","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/fear-grips-xrp-market-as-liquidations-top-6-million-details\/","title":{"rendered":"Fear Grips XRP Market As Liquidations Top $6 Million – Details"},"content":{"rendered":"

The cryptocurrency market continues to feel the tremors of a brutal April Fools’ Day price crash, with XRP taking a significant hit. In the last 24 hours, a staggering $6 million in XRP contracts were liquidated, according to Coinglass data. This liquidation frenzy can be attributed to the sharp price decline experienced by XRP on April 1st.<\/p>\n

The new month began with XRP trading around $0.61. However, a domino effect triggered by Bitcoin’s plunge below $67,000 sent shockwaves through the market, dragging down XRP along with other major cryptocurrencies.<\/p>\n

Related Reading: Canine Comeback? KNINE Brushes Off 50% Loss, Gets Listed On Major Exchange<\/a><\/div>\n

Looking deeper into the liquidation data, a clear trend emerges. A whopping $5.6 million of the liquidated contracts were long positions, indicating that traders who bet on XRP’s price increasing were forced out of their positions. Conversely, short positions, which profit from price decreases, saw a significantly smaller liquidation value of $324,200.<\/p>\n

Market Contrasts: XRP’s Uncertain Path<\/strong><\/h2>\n

Interestingly, the situation on the spot market, where actual cryptocurrency is bought and sold, presented a contrasting picture. XRP’s trading volume<\/a> surged by nearly 60% during the same period when these hefty liquidations occurred.<\/p>\n

While a surge in volume might suggest increased buying activity, a closer look reveals a dominance of selling pressure. The price action suggests that a significant portion of this volume resulted in selling rather than accumulation.<\/p>\n

\"\"<\/p>\n

XRP price down in the last week. Source: CoinMarketCap<\/a><\/pre>\n
This trend of rising volume alongside a falling price <\/a>indicates that the downward momentum for XRP might persist. If this selling pressure continues unabated, analysts predict a potential drop in XRP’s price towards the $0.55 support level.<\/p>\n
With these conditions in play, XRP’s future appears uncertain. The token faces the risk of getting caught in a market bloodbath. However, it’s important to acknowledge dissenting viewpoints. Some analysts hold a different perspective and predict a potential short-term upside for XRP, with a price target of $0.74.<\/p>\n
<\/p>\n
Bitcoin is now trading at $66.117. Chart: TradingView<\/a><\/pre>\n
XRP’s Stable Funding Rate Amidst Bearish Sentiment<\/strong><\/h2>\n
Meanwhile, amidst the bearish sentiment, a glimmer of optimism emerges from technical analysis. Despite the high liquidation value, XRP’s funding rate has remained stable. In simpler terms, a positive funding rate implies that traders holding long positions (expecting a price increase) are currently paying a premium to those holding short positions (expecting a price decrease).<\/p>\n
\"\"Source: Coinglass<\/a><\/pre>\n
This can be interpreted in two ways. It could suggest that some traders still believe in a potential XRP price increase, or it could indicate that short sellers are willing to pay a premium to maintain their bearish positions.<\/p>\n
Related Reading: Shiba Inu Fires Up With 4,000% Burn \u2013 Price Rebound Coming?<\/a><\/p>\n
NewsBTC’s analysis indicates that XRP’s Funding Rate currently sits at 0.030, slightly higher than the predicted rate of 0.029. Should the Funding Rate hold positive while the price continues to decline, those holding long positions might not receive the usual funding payments. This scenario could further exacerbate the bearish bias and empower aggressive sellers.<\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The cryptocurrency market continues to feel the tremors of a brutal April Fools’ Day price crash, with XRP taking a significant hit. In the last 24 hours, a staggering $6 million in XRP contracts were liquidated, according to Coinglass data. This liquidation frenzy can be attributed to the sharp price decline experienced by XRP on April 1st. The new month began with XRP trading around $0.61. However, a domino effect triggered by Bitcoin’s plunge below $67,000 sent shockwaves through the market, dragging down XRP along with other major cryptocurrencies. Related Reading: Canine Comeback? KNINE Brushes Off 50% Loss, Gets Listed On Major Exchange Looking deeper into the liquidation data, a clear trend emerges. A whopping $5.6 million of the liquidated contracts were long positions, indicating that traders who bet on XRP’s price increasing were forced out of their positions. Conversely, short positions, which profit from price decreases, saw a significantly smaller liquidation value of $324,200. Market Contrasts: XRP’s Uncertain Path Interestingly, the situation on the spot market, where actual cryptocurrency is bought and sold, presented a contrasting picture. XRP’s trading volume surged by nearly 60% during the same period when these hefty liquidations occurred. While a surge in volume might suggest increased buying activity, a closer look reveals a dominance of selling pressure. The price action suggests that a significant portion of this volume resulted in selling rather than accumulation. XRP price down in the last week. Source: CoinMarketCap This trend of rising volume alongside a falling price indicates that the downward momentum for XRP might persist. If this selling pressure continues unabated, analysts predict a potential drop in XRP’s price towards the $0.55 support level. With these conditions in play, XRP’s future appears uncertain. The token faces the risk of getting caught in a market bloodbath. However, it’s important to acknowledge dissenting viewpoints. Some analysts hold a different perspective and predict a potential short-term upside for XRP, with a price target of $0.74. Bitcoin is now trading at $66.117. Chart: TradingView XRP’s Stable Funding Rate Amidst Bearish Sentiment Meanwhile, amidst the bearish sentiment, a glimmer of optimism emerges from technical analysis. Despite the high liquidation value, XRP’s funding rate has remained stable. In simpler terms, a positive funding rate implies that traders holding long positions (expecting a price increase) are currently paying a premium to those holding short positions (expecting a price decrease). Source: Coinglass This can be interpreted in two ways. It could suggest that some traders still believe in a potential XRP price increase, or it could indicate that short sellers are willing to pay a premium to maintain their bearish positions. Related Reading: Shiba Inu Fires Up With 4,000% Burn \u2013 Price Rebound Coming? NewsBTC’s analysis indicates that XRP’s Funding Rate currently sits at 0.030, slightly higher than the predicted rate of 0.029. Should the Funding Rate hold positive while the price continues to decline, those holding long positions might not receive the usual funding payments. This scenario could further exacerbate the bearish bias and empower aggressive sellers. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":601223,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[134,428,4735,3505,4531],"class_list":["post-601198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-altcoin","tag-bitcoin","tag-price-action","tag-price-analysis","tag-xrp"],"acf":[],"yoast_head":"\nFear Grips XRP Market As Liquidations Top $6 Million - Details<\/title>\n<meta name=\"description\" content=\"The cryptocurrency market continues to feel the tremors of a brutal April Fools' Day price crash, with XRP taking a significant hit. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Fear Grips XRP Market As Liquidations Top $6 Million – Details","url":"http:\/\/wncen.com\/news\/ripple\/fear-grips-xrp-market-as-liquidations-top-6-million-details\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ripple\/fear-grips-xrp-market-as-liquidations-top-6-million-details\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_f5b65f.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_f5b65f.jpg?fit=6000%2C4000"},"articleSection":"Ripple","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","bitcoin","price action","price analysis","xrp"],"dateCreated":"2024-04-03T14:00:24Z","datePublished":"2024-04-03T14:00:24Z","dateModified":"2024-06-11T08:39:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Fear Grips XRP Market As Liquidations Top $6 Million – Details\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ripple\\\/fear-grips-xrp-market-as-liquidations-top-6-million-details\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ripple\\\/fear-grips-xrp-market-as-liquidations-top-6-million-details\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/a_f5b65f.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/a_f5b65f.jpg?fit=6000%2C4000\"},\"articleSection\":\"Ripple\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"bitcoin\",\"price action\",\"price analysis\",\"xrp\"],\"dateCreated\":\"2024-04-03T14:00:24Z\",\"datePublished\":\"2024-04-03T14:00:24Z\",\"dateModified\":\"2024-06-11T08:39:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_f5b65f.jpg?fit=6000%2C4000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/601198"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=601198"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/601198\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/601223"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=601198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=601198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=601198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}