XRP ($2.02)’s price has slipped from a high of $2.33, finding temporary support at $2.24 as volatility rattles the broader crypto market. The pullback has wiped out traders who placed bullish bets on the altcoin, leading to a significant wave of liquidations.

Source: CMC

Long Traders Suffer as Liquidation Hits $8.49 Million

According to CoinGlass data, XRP’s total liquidation in the last 24 hours has reached $8.49 million. Notably, traders with long positions have shouldered the biggest losses, with liquidations amounting to $6.42 million. In contrast, short traders only faced $2.07 million in liquidations. This sharp disparity has created a staggering 102% liquidation imbalance between long and short positions.

XRP’s inability to sustain its recent price rebound was key in triggering these heavy liquidations. As a result, investor confidence has taken a hit, leading to a decline in trading volume over the same period.

Related article: $2.33 XRP Price Faces Resistance—Could a 3,000% Rally to $70 Be Next?

Can XRP Regain Momentum?

Despite the recent downturn, analysts remain optimistic about XRP’s potential. A recent Fxcryptonews report suggests that XRP could surge to $3.47, aligning with the upper Bollinger Band levels. If the price successfully climbs to this target, it may retest its all-time high of $3.84, set in 2018.

However, XRP is expected to consolidate in the short term before reaching new highs. Technical indicators reveal that the asset faces resistance at $2.54. If bulls flip this level into support, the altcoin could set its sights on the $3 mark.

While XRP struggles to regain momentum, traders remain on edge, watching for signs of a potential breakout.

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