XRP Price Action Completely Takes Down Bears

XRP Price Action Completely Takes Down Bears

The first days of 2024 marked the beginning of not only a new year, but also a classic roller coaster ride in the cryptocurrency market, with XRP taking center stage in demonstrating resilience against the bearish sentiment. According glass coinIn the last 24 hours, the crypto market witnessed the staggering liquidation of positions worth $161 million, of which 81.8% were short positions.

The first days of 2024 marked the beginning of not only a new year, but also a classic rollercoaster in the cryptocurrency market, with XRP taking center stage in demonstrating resilience against the bearish sentiment. According glass coinIn the last 24 hours, the crypto market witnessed the staggering liquidation of positions worth $161 million, of which 81.8% were short positions.

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Meanwhile, XRP emerged as a prominent player, liquidating short positions worth over half a million dollars, 13.57 times more than long positions. Despite this relentless bearish pressure, the price of XRP managed to record a modest 2.14% growth, currently trading at $0.634 per token and staying within the range established in early November.

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Fountain: glass coin

The prevailing sentiment among market participants towards XRP is overwhelmingly bearish, a trend that is evidently reflected in trading strategies.

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XRP to USD by CoinMarketCap

However, the real puzzle lies in deciphering whether the main driver is the price movement itself or the liquidation of short positions. It appears that a combination of substantial leverage and inadequate risk management is leading to widespread sell-offs triggered by even smaller bullish moves.

What comes first?

Current market behavior raises a critical question: is XRP’s upward move the cause or consequence of bearish traders capitulating? Some analysts suggest that short liquidation could be acting as fuel for XRP price growth, turning the tide in favor of the bulls.

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The battle between bulls and bears in the XRP field remains intense, making it a focal point for investors and traders navigating the unpredictable waves of the crypto market.

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