XRP Edges out Dogecoin in 24-Hour Liquidation Trend

Cover image via U.Today

XRP's price experienced mixed signals over the past 24 hours. While attempting a bullish breakout towards higher levels, market volatility led to modest liquidations.

XRP Remains Resilient Despite Liquidations

The price briefly dipped to $2.05, retesting a key support level, before recovering. At press time, XRP traded at $2.09, representing a 0.84% increase over the last 24 hours.

This relatively stable price action contributed to near-even liquidations totaling $4.75 million. CoinGlass data reveals a mere $20,000 difference between long and short position liquidations in the last 24 hours.

Specifically, long positions lost $2.39 million as the price retreated after briefly reaching $2.12 (teasing a breach of $2.20). Simultaneously, short positions saw $2.37 million in liquidations.

The overall impact of these liquidations was minimal, highlighting XRP's resilience within the broader crypto market this year. This resilience is further underscored by a comparison to Dogecoin.

In the same period, Dogecoin experienced $3.73 million in total liquidations. Unlike XRP, Dogecoin saw significantly more losses among short traders ($1.92 million) than long traders ($1.82 million), a difference of $100,000.

Anticipation of XRP ETF Approval

Despite these liquidations, XRP continues to outperform Ethereum, a trend poised to reach six months. Market participants anticipate further XRP growth upon SEC approval of a spot XRP ETF, with several applications already submitted.

As noted in a U.Today report, prominent figures like Nate Geraci believe the SEC has no valid grounds to reject these applications. Read the original article on U.Today