A recent technical Futures markets review pinpoints heavy liquidity on both sides of the camp. According to CryptoQuant, Binance’s traders are indulging themselves in a high-stakes battle with both short-sellers and bulls getting constantly liquidated.
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The Spot market-topping Derivatives liquidity is extremely sensitive around the $1.43 – $1.60 level, making drastic XRP price movements prone to a cascade liquidation at this territory.
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On the previous day, Binance’s exchange reserves went down to 2.62 billion XRP as price retreated to $1.43 (3.17%). Long liquidations went up by +31.8% ($4.66M) while shorts hit +61.6% ($1.13M) leverage getting cleared on both sides after last week’s 55% XRP price spike.
Bulls vs. Bears: What The Market Action Looks Like Now
In the past 24 hours, $13.37 million were liquidated in excessive leverage. While bulls have led with $7.37 million during the pullback, XRP’s short-sellers also incurred a substantial deficit of $6 million. While the long versus short ratio points to 0.9666, still leaning slightly on the bearish side, according to CoinGlass stats.
The Open Interest (OI) scorched towards $3.55 billion, while XRP’s big bull test remains at $1.50. If XRP’s price maintains the $1.45 support cluster on the daily time-frame, the chances of a heavy bearish liquidation become plausible: the OI-weighted funding rate is already producing extremely-high levels, meaning that short-sellers are paying for the bulls’ leveraged positions.
With the Open Interest (OI) funding rate now topping quarterly-high levels, XRP’s strive to break the $1.50 resistance line is now heavily dependent on the $1.51 – $1.55 resistance block, given that the $1.36 support bubble holds. In one of Chart Nerd’s latest technical XRP price analysis, the analyst insists on a $1.80 – $1.94 target if the said setup is maintained on a daily time-frame.
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