Technology

XRP Price in Danger Zone After 14% Crash: What to Expect

On June 7, the XRP Price Danger Zone dropped by more than 14%, reaching a low of $0.45, which was not seen in fifty days. Widespread liquidations in future markets precipitated a downward trend in the price of XRP. Long-term traders have quickly used leverage on their long holdings of fifteen million dollars to prevent further losses. On June 7, the price of XRP dropped by 14%, reaching a 50-day low of $0.45. Bull traders supporting the Ripple-issued coin appear to have created additional leveraged LONG bets to prevent further declines.

XRP Price Tumbled 5% Amid Crypto Market Correction

The world’s cryptocurrency market suddenly entered a consolidation period on June 7, following a positive start to the month. This setback occurred after the US Bureau of Labor Statistics published dismal numbers. Its most recent report for XRP Price Danger Zone investors was on Friday. At the upcoming FOMC meeting on June 12, the Fed is unlikely to decrease interest rates due to the recent boom in US jobs. Following the general trend in the cryptocurrency market, XRP investors were unimpressed by the poor NFP report.

XRP Price Tumbled 5% Amid Crypto Market Correction

With a 5% spike to start the week, the price of XRP has accelerated to a weekly high of $0.53 on June 5. However, on Friday, June 7, the NFP report came out, and all of that progress was erased. A massive 14% drop occurred when XRP plummeted from $0.53 to a 50-day low of $0.45, as shown in the red-shaded chart above, as of this writing on June 7. The price of XRP has recovered above $0.50, but the market attitude is still strongly negative.

XRP Bull Traders Mount $13M Support Buy-Wall

Investors started making wild bet cuts in the spot markets after the NFP news, but data from the market suggests that massive liquidations in the price speculation markets mainly caused the 14% drop. You can see the value of futures contracts that were liquidated or closed during. A specific period is on Coinglass’s Liquidations Chart below in case of a quick reduction in spot market prices. There is an increase in long liquidation, and vice versa.

XRP Bull Traders Mount $13M Support Buy-Wall

On June 7, XRP Price Danger Zone derivatives traders lost $6.9 million, as shown in the figure above. LONG traders were impacted the worst, with almost $6.6 million. LONG holdings registered compared to the $231,840 SHORTs contracts that had been closed.

Also Read: Around Bitcoin Halving, AVAX, XRP Lovers Like DeeStream

This demonstrates how the LONG squeeze that caused a 14% drop in XRP price on June 7ould have been intensified. But when things calmed down, XRP bulls established additional covering positions to stop the price decline.

XRP Price Forecast: Bulls Mount $14M Support

At writing on Saturday, June 8, June 8, at writing, the XRP Price Danger Zone price recovered $0.50 as bulls tried to launch a rapid recovery from Friday’s losses. Despite the bears’ continued dominance, XRP bulls have added $13 million to their long bets, hoping to maintain prices above $0.45. Below, you can see that there are 13.85 million cumulative LONG bets listed by bulls around the current levels. Bears have clear short-term market momentum dominance, with over $25 million worth of SHORT positions in play.

It demonstrates the XRP bulls’ will to battle back since most of these positions might be sold off if prices drop below $0.45. If the $13.9 million support level remains strong. XRP traders can look forward to a protected consolidation within the $0.47 to $0.51 zone.

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