Bearish trend hits XRP: Liquidations rise as price drops below $0.5
What caused the recent spike in XRP liquidations?
The recent spike in XRP liquidations was caused by a combination of factors, including mixed price trends, a decline in investor interest, and a bearish market condition. XRP's price initially rose by 3.21% to $0.50 but then declined by 2.73% to around $0.49 in the subsequent trading session. This price drop resulted in a surge in liquidation volume, with over $3 million liquidated by the end of trading on June 18th2. Additionally, the decline in XRP's price also impacted its open interest, causing it to fall from over 422 million to around 405 million.
How does the blue line function in XRP's price analysis?
In XRP's price analysis, the blue line represents the long moving average (MA). It serves as a longer-term resistance level for XRP's price. When the blue line is positioned above the yellow line, which represents the short moving average, it indicates weakness in XRP's price5. The relationship between the blue and yellow lines helps analysts understand the overall trend and potential support or resistance levels for XRP's price movements.
How much did XRP's price rise on 17th June?
On 17th June, XRP's price rose by 3.21%, reaching $0.50.