XRP Burns Bears in 37,296% Liquidation Imbalance, And $2 XRP Is Back on the Menu
🔥 Key Takeaways
- XRP price flipped a small dip into a violent bear trap, catching short sellers off guard.
- A 37,296% liquidation imbalance hit the derivatives markets, indicating a massive short squeeze.
- The sudden price surge has brought the $2 level back into focus, with bulls eyeing further gains.
A Sudden Reversal of Fortune for XRP
On Monday, XRP price action took a dramatic turn, transforming a minor dip into a full-blown bear trap. The sudden reversal caught short sellers off guard, triggering a massive liquidation event that has left the derivatives markets reeling. According to data, a staggering 37,296% liquidation imbalance was recorded, indicating a severe short squeeze.
The XRP price has been subject to significant volatility in recent weeks, with market participants struggling to gauge the asset’s direction. However, Monday’s events have decisively shifted the narrative in favor of the bulls. As the price surged, short sellers were forced to cover their positions, fueling further gains and creating a self-reinforcing cycle.
The $2 Level is Back in Play
With the XRP price now firmly above the $1.50 level, the $2 target is once again back on the menu. Bulls will be eyeing this key level, which has served as a significant resistance point in the past. A successful breach of $2 could pave the way for further gains, potentially even challenging the all-time high.
However, it’s essential to note that the XRP price remains highly volatile, and the market can quickly turn against bulls. As such, traders and investors should exercise caution and maintain a close eye on market developments.
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