XRP is on tears achieving its highest weekly close ever at $2.95 on the Binance, but the excitement was short-lived as the token dipped below $3, dropping about 14% on Sunday.
As of now, XRP is trading around $3.10, recovering alongside other major cryptocurrencies like Bitcoin, which has bounced back above $105,000.
XRP is marching toward new territories
Fair to say market sentiment isn’t all sunshine and rainbows.
Market Prophit shared that the overall vibe is leaning bearish, as social media chatter isn’t painting a rosy picture either, with some of the so-called smart money looks like betting against XRP.
Liquidations have been significant too, around $32.5 million worth of XRP was wiped out in just 24 hours, with long positions making up nearly 84% of that total. Binance alone saw about $10 million in liquidations.
Currently, XRP’s total futures open interest is sitting at $6.69 billion, down 11% from the previous day.
Textbook volatility for XRP
Last week was a wild ride for XRP, which finally reached a new yearly high after nearly seven years, peaking at $3.40 on Bitstamp.
Even with the recent correction, XRP is still up more than 26% over the past week, thanks in part to growing hype around potential ETFs.
Speaking of ETFs, ProShares recently filed for leveraged and futures-based XRP ETFs, which could further fuel interest in the token, but as we look ahead, analysts are cautiously optimistic about XRP’s future.
The token’s price has clearly shown resilience, and many believe it could continue to rise if it breaks through key resistance levels.
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