XRP is one of the most-watched altcoins on the crypto market, especially at a time when the industry is undergoing intense consolidation. In earlier trading sessions, the XRP price reclaimed the $3 price mark amid a mile rebound, triggering an unusual shift in the coin’s liquidation imbalance.
XRP price and liquidation divergence
It is worth noting that XRP has showcased different outlooks on a variety of timelines. While the coin has a marginal growth rate of 0.67% in the past 24 hours to $3.017, on lower time frames, it has dropped considerably.
This has created a shift in the liquidation amount in the past four hours. CoinGlass data shows that long traders recorded only a minor loss of $16,570 as of press time. In contrast, short traders faced a loss of $212,290.
While these figures appear small, the imbalance of 1,181% within this time span paints a clearer picture of the market outlook. There are a lot of projections for the XRP price in both the short and long term.
The growing embrace of the RLUSD stablecoin has even created more liquidity for XRP on the XRPL. With the Ripple stablecoin entering the top 100 asset list by market capitalization, the broader ecosystem has continued to expand.
XRP to reclaim ATH?
The price of XRP has maintained a frantic push to reclaim the all-time high of $3.84 it achieved in 2018. Although the coin currently maintains a positive trading volume of $6.87 billion, buying momentum appears to have slowed down.
Every form of legal uncertainty around the coin has been removed, paving the way for direct engagement with institutional investors. In light of this, the push for a spot XRP ETF product has continued to grow, with asset managers like Bitwise and Grayscale spearheading the push.
Should this product gain approval, chances are the institutional capital inflow can push XRP above its past ATH. Ultimately, the immediate target for the coin is pegged at $4.
Source: https://u.today/xrp-rockets-1181-in-hourly-liquidation-imbalance-as-price-reclaims-3
