On June 7, the XRP danger zone was surpassed, and the price was decreased by more than 14%, seemingly bringing it to a low of 0.45 USD, last seen two months ago. The dire consequences faced in future markets due to widespread liquidations have led to bearish sentiment in the estimation of the price of the XRP. Long-term traders have leveraged on 15 million dollars of long-term holdings, forcing traders to no longer suffer more significant losses. On June 7, the value of XRP fell to 14%, which is the 50th-day low, and reached a price of $0.45. Ripple token backers appear to have placed more LONG trades to maintain Ripple’s price.
XRP Price Tumbled 5% Amid Crypto Market Correction
The global cryptocurrency market has shown such a bright beginning to the month through June 7 and has now stayed relatively stable. The US Bureau of Labor Statistics revealed disappointing data, which is the reason for this glitch. The newest release to XRP investors referring to the Price Danger Zone was last Friday. At the upcoming FOMC meeting on June 12, FOMC will not cut interest rates as there is a rise in US jobs. XRP investors, who have always been supporters of cryptocurrencies, were disappointed with the bad NFP report.
The XRP coin price rose slightly by 5% at the beginning of the week, reaching a weekly high of $0.53 on June 5. However, on Friday, June 7, as per the NFP report, all such advancements were lost. A 14% loss was hit when XRP nose-dived from $0.53 to a 50-day low of $0.45. The price is shown in the red-shaded chart above as of June 7. XRP’s price has returned to $0.50, but the market sentiment remains low.
XRP Bull Traders Mount $13M Support Buy Wall
Investors started to see massive spot markets after the NFP report. Still, data from the market proves that the gigantic liquidations of price speculation led to a 14% decrease. The value of futures contracts that were liquidated or closed during the process is the futures information you can view in the Coinglass website report. Coinglass has a specific period during which the market currency might drop quickly. There is an increase in long liquidation and vice versa.
The figure indicates that on June 7, traders incurred a total loss of $6.9 million in the case of the XRP Price Danger Zone derivatives. LONG traders took the biggest hit, with nearly $6.6 million in LONG holdings registered, compared to the $231,840 in the SHORT contracts that had been closed.
This shows that the LONG squeeze, which occurred on June 7th, caused should thus have to fall strengthened. However, when things were calm, the XRP bulls took up even more covering positions to prevent the price from falling.
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XRP Price Forecast Bulls Mount $14M Support
On Saturday, June 8, at the writing phase, the XRP Price Danger. Zone price rebounded to $0.50 as the bulls tried quickly recovering the previous Day’s comparatively slight reduction. Despite the bears’ continued dominance, the XRP bulls have gone long on $13 million worth of tokens. They aim to hopefully take the prices above $0.45. However, the histogram shows that 13.85 million positions from bulls are already listed at the current levels. Bears are in total control of the short-term market momentum list. Even though $25 million or $XRP SHORT positions are present.
This incident cements the idea that XRP bulls will not retreat when attacked. Many of these positions will be sold if prices dip below $0.45. Suppose the $13.9 million level of support is upheld. XRP traders can rely on the consolidation to be bounded by $0.47-$0.51.
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