This week has been a wild journey for fans of XRP, as the digital asset has risen nearly 12% from its recent lows.
While the rebound shown tenacity, it seems that difficulties still face XRP bulls, who are in a risky position in a market that is still volatile and unpredictable.
CoinGlass reports that during the last day, long holdings in XRP had a loss due to liquidations of an astounding $1.4 million, which was twice as much as the short positions, which were valued at little over $700,000.
With a $2.12 million valuation, this unanticipated turn of events propelled XRP to the eighth spot among the biggest cryptocurrency assets by cumulative liquidation.
Even while XRP performed well yesterday, it has had negative dynamics in today’s trading session, with a drop of more than 5% from the top of the day.
Can XRP bulls ride this wave?
In one of the most dramatic moves of the last hour, the price of XRP fell by almost 2% before seeing a sharp recovery soon after. This interesting series of events suggests that buyers and sellers are engaged in a tug-of-war, with the latter indicating a readiness to commit money at particular price points.
The token’s present position in the market further emphasises the difficulties faced by XRP bulls. Notwithstanding the noteworthy rebound, the XRP token is still lagging behind its cryptocurrency counterparts, trading at around $0.64 per token.
Everyone is wondering if the bulls can maintain their current momentum or if the erratic nature of the cryptocurrency market will cause them to lose it once more.
