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| XRP |
Traders Brace for Potential Cascade as Key Support Levels Are Tested
XRP, currently trading at $2.12, is riding an 11.36% gain over the past 30 days, according to CoinMarketCap. However, new data from Coinglass warns that a mere 4% drop could trigger $60 million in long liquidations. This would be one of the largest XRP liquidation events in recent months.
Leveraged long positions are bullish trades that collapse if prices fall below liquidation thresholds. Coinglass reveals heavy long interest between $1.90 and $2.10, making this a crucial support zone. If XRP dips to $2.063, it could ignite a cascading liquidation wave, totaling $64.24 million across major exchanges.
Bybit, Binance, OKX Among the Most Exposed Platforms
Among exchanges, Bybit holds the highest risk, with over $7 million in long positions at risk of liquidation. Binance and OKX follow, with $3.39 million and $1.30 million respectively. These figures underscore the vulnerability of overleveraged traders.
Analysts warn that such scenarios often resemble a "liquidity sweep" or "stop hunt," where a brief drop clears leveraged trades before a bounce. Thus, traders are urged to lower leverage and implement stop-losses to manage downside risks.
XRP’s Future Hangs on Critical Technical Level
Although sentiment around XRP remains bullish, the looming liquidation trigger at $2.063 keeps traders cautious. A sharp liquidation drop could intensify volatility, even if temporarily. Therefore, all eyes remain on this price level as a potential pivot point for short-term market direction.