Thu, November 28

XRP Liquidations and Lagging Price Cast Doubt on Overhyped Rally

XRP Liquidations and Lagging Price Cast Doubt on Overhyped Rally Altcoin News
  • Despite recent legal victories, resurgence of XRP appears overhyped.
  • Around $1.35 million XRP positions liquidated during recent market decline.
  • Only $116,000 from short traders, while longs suffered $1.23 million in sell-offs.

Despite recent legal victories, on-chain data suggests the perceived resurgence of XRP may be overhyped. Liquidation figures and lackluster price action indicate the disputed cryptocurrency has yet to see the hype translate into renewed bullish momentum.

According to CoinGlass, around $1.35 million worth of XRP positions have been liquidated amid the latest crypto market decline. However, a paltry $116,000 came from short traders, with longs bearing the brunt at $1.23 million in forced sell-offs.

XRP price not at its best despite court ruling

This data underscores tepid trading interest despite proclamations that XRP is primed to surge following the court ruling deeming it not a security. When compared to major liquidations in Bitcoin and Ethereum, XRP pales in significance.

XRP currently trades around $0.51, down nearly 3% over the past 24 hours. The lagging price movement and predominantly long liquidations cast doubt on forecasts of a swift parabolic XRP uptrend.

While the token boasts a vibrant community, crucial growth metrics have yet to flash the buy-up momentum needed to confirm the overflowing optimism. Until on-chain signals and trading volumes conclusively turn bullish, doubts remain about overhyped projections.

Of course, many maintain faith in an eventual XRP breakout as legal clarity allows large investors to build positions. But near-term data suggests the bottom is not yet in place for a sustainable uptrend. For XRP to validate its hype, concrete gains in adoption and trading activity must materialize.

Seasoned Crypto Content Writer, Editor and Journalist who entered the cryptocurrency industry out of sheer passion and love for writing.