XRP price drops 10% as $40M gets liquidated – Is a rebound next?
One thing stands out in the recent market setback caused by the CLARITY Act news.
While the overall market environment saw a significant breakdown with high-cap assets rejecting crucial support levels, XRP was one of the hardest-hit assets, closing the day down nearly 10% with the lowest wick retreating to $1. 27. This marks the first time XRP has retested this level in over a month.
However, the timing of the move may be the critical factor in assessing whether it is a healthy deleveraging or a trend reversal move. As observed in the chart below, XRP’s 10% correction came on the heels of the asset 거래 around the $1. 50 level, a critical resistance zone.
So, the inability to clear this level suggests that the recent decline may be a technical rejection exacerbated by the overall market weakness. It does not, however, confirm a trend reversal for XRP.
Supporting this trend, leveraged positions were massively liquidated during the last 24 hours.
According to Coin Glass data, $40million worth of XRP positions were liquidated, with over 95% of them being long positions. Said amount represents the strongest long liquidation since the 22nd of August. The amount of liquidated long positions indicates that leveraged longs were significantly affected by the short-term price action, as they had to close their positions in order to offset their losses.
Usually, when strong underlying demand remains intact while excess leverage is flushed out, the market can enter a healthier setup for another attempt at breaking resistance. Interestingly, 리플’s [XRP]current setup does not look too far from this scenario.
In a post on X, 리플 has shared its position on the recent CLARITY Actsetback.
Meanwhile, 리플 is back in the spotlight following its investment in Velocity’s recent $10million funding round. Velocity is a 스테이블코인 startup, focused on bridging Trad Fi and De Fi by using stablecoins as a settlement layer for cross-border payments. With this investment, 리플 is clearly doubling down on the 스테이블코인 arena. Despite the recent regulatory setback, 리플 is keeping its focus on the Web3 infrastructure.
According to AMBCrypto, this is where the chart below becomes important. It reports 85 new addresses accumulating over one million XRP that appeared two days before XRP’s 67% move out between the 17th and 21st of August.
Significantly, the pattern still enjoys fundamental support. 리플’s endorsement of an RLUSD credit fund, coupled with its investments in 토큰화, is enhancing the XRP Ledger’s utility.
Against this backdrop, 리플’sresponselooks strategic.
출처: AMBCrypto