XRP Drops 8% with $105 Million in Long Liquidations
XRP Market Overview
XRP experienced a significant decline of 8% from July 24 to 25, trading within a range of $2.96 to $3.26.
- Initial rally ended due to profit-taking and a liquidation wave exceeding $100 million in long positions.
- Support levels at $3.06–$3.10 remained intact through multiple tests.
- Late-session activity indicated potential stabilization.
- Institutional selling pressure was noted amid concerns over ETF approval delays.
Market Data
- XRP traded in a 7.85% range between $2.96 and $3.26 on July 24.
- Total crypto liquidations surpassed $18 billion during this period.
- Long liquidations for XRP reached over $105 million.
- Nature’s Miracle announced a $20 million XRP treasury plan.
- Brazil's VERT launched a $130 million blockchain solution on the XRP Ledger.
Price Action
- Opened at $3.13, dropped to $2.96, then peaked at $3.26 on high volume.
- Resistance confirmed at $3.24–$3.26 after post-rally rejection.
- Final drop to $3.05 occurred before recovering to close at $3.08.
Technical Insights
- Trading range observed between $2.96 and $3.26.
- Resistance established at $3.24–$3.26, with critical support at $3.06–$3.10.
- Potential bullish reversal indicated by recovery to $3.08.
- Increased volatility driven by liquidations suggests heightened market risk.
Investor Considerations
- Ability of XRP to maintain support at $3.06–$3.10 in upcoming sessions.
- Impact of U.S. ETF-related regulatory developments.
- Signs of institutional or retail investor reentry above $3.15.
- Overall stability in the broader crypto market post-liquidation events.