Ripple News: XRP Price Bounces Back, $453K Liquidated in Shorts

XRP traders are making savvy moves in the crypto arena, opting for bullish strategies despite Ripple’s ongoing legal battle with the SEC and a recent security hiccup involving co-founder Chris Larsen.

Initially, when XRP slipped below $0.51, many anticipated a continued downward spiral. However, XRP surprised the market by bouncing back, surpassing $0.51. This unexpected turn prompted traders to close their short positions.

In the last 24 hours, XRP traders reported liquidations totaling $517,600, with a significant $453,900 (87.69%) linked to short positions. Notably, Binance saw the most action, underscoring the platform’s role in responding to XRP’s resurgence.

Whale Sentiment Shifts

Following the surge in short liquidations, the sentiment among influential crypto players, often referred to as “whales,” has shifted. They are now favoring long positions, driving a 2.31% increase in futures and perpetual open interest, reaching a substantial $458 million.

The long/short ratio, a key indicator of market sentiment, has spiked to 2.80. Over the past 24 hours, long positions constituted a dominating 73.67% of leveraged positions across all exchanges.

Read More: Ripple Vs. SEC Lawsuit Could End In 7 Possible Ways

XRP Still Stands Strong, But What Next?

Despite the market turmoil, XRP stands firm at $0.5130, recording a 2.23% gain in the last 24 hours and a 2.19% increase over the past week. This positive trend comes after a period where XRP struggled to maintain a value above $0.51.

As traders navigate these fluctuations, the surge in long positions and heightened market interest signals a potential turning point for XRP. The crypto community’s ability to adapt and face challenges head-on is evident, showcasing resilience in the face of market uncertainties.

Also Read: Ripple Price Prediction: Will XRP Price Rocket Past $27 or Crash and Burn?