Ripple’s XRP Long Liquidations Top $20 Million as Whales Massively Buy Up Weekend Drop ⋆ ZyCrypto

Ripple’s XRP has been among the top performers during the ongoing upward rally in the cryptocurrency market. In the last 30 days, XRP has gained 184% and its market cap has tripled from $29 billion to $83 billion.

XRP’s impressive rally has increased speculation about the altcoin’s future trajectory. This is evident in the open interest, which reached an all-time high of $2.62 billion over the weekend. Most of these positions were held by long traders betting that XRP would continue its rally.

However, XRP’s rally stalled after weekend volatility caused the price to fall from $1.48 to $1.31. This unexpected decline forced many long traders to close their positions by selling, fueling a downtrend.

Data from Coinglass shows that $20.43 million worth of long XRP positions were wiped out on November 24th. When long traders are forced to close their positions, selling activity accelerates. This put additional bearish pressure on XRP, causing the price to move lower.

However, the bearish moves over the weekend did not stop major traders from accumulating XRP.

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XRP whales are buying the dip

Data from Santiment shows that XRP whales accumulated more than 50 million XRP over the weekend. The amount of XRP held by these large addresses is now at its highest level in over three months, indicating that whales are increasingly betting on XRP’s future price direction.

When XRP whales buy, it shows optimism towards the altcoin. This could be an argument for further future gains for the token.

Analysts are already making bullish bets on XRP and how far it could rise. According to CrediBULL Crypto on

“I would expect a rise to range highs of at least $1.60, but this could be the start of a larger move higher,” the analyst said.

XRP was trading at $1.39 at press time, having fallen 8.70% in 24 hours. Its four-hour chart suggests that bullish momentum is still in play.

The Relative Strength Index (RSI) was at 63 at press time, suggesting that buyers remained in control. Furthermore, the RSI has converged with the signal line, creating another buy signal that could increase prices.

XRP’s balance volume remains elevated, which is also a bullish sign that buying pressure is high.