- A sharp drop in XRP’s price wipes over $5.58 million in long positions on exchanges.
- Egrag Crypto reassured XRP community members that the token is still on track to hit the $1.4 target.
- The analyst said the unexpected decline illustrates the unexpected nature of the crypto space.
XRP’s downward slide in the early hours of today has caused a significant uptick in long trading position liquidations across exchanges. This development comes amidst a wider slump in the cryptocurrency market.
Reacting, crypto analyst Egrag Crypto, in a post on X, said the “recent flash crash swiftly cleared out a significant number of long positions.” According to the analyst, the unexpected liquidations illustrate the unpredictable nature of the crypto space, cautioning that leveraging trades can lead to devastating losses.
Despite the crash, the analyst reiterated his optimism that XRP’s trading value will still see a significant increase. “#XRPArmy STAY STEADY; our trajectory towards $1.4 remains unchanged, despite the market turbulence,” he tweeted.
Turning to cryptocurrency data tracker Coinglass, data shows over $5.58 million were wiped out on exchanges in long positions today. Of all the exchanges, Binance saw the most losses, with over $1.6 million erased. Conversely, shorts liquidations were more muted, with around $85K lost by traders in the same period.
Meanwhile, the recent price drops follow a rising complaint about the XRP’s price in recent months. As noted in an earlier report, reputed XRP community member Mr. Huber pointed out that the token has struggled to sustain its price increases.
According to the crypto sleuth, XRP has shed all the gains it accumulated following the July decision, which gave legal clarity on the token. In addition, Mr. Huber stated that the token has performed below expectations and further tagged it as one of the worst-performing cryptocurrencies this year.
At the time of writing, XRP is trading at $0.6267, following a 4.41% drop in the last 24 hours, CoinMarketCap data reveals. Furthermore, the token’s market cap and trade volume sit at $33 billion and $1.8 billion, respectively.
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