XRP Drops 19% From Highs as $113M in Longs Liquidated
Warning! GuruFocus has detected 3 Warning Signs with NIO.
The token dropped to $2.95 on Thursday after reaching a multi-year peak of $3.66, losing 12.5% in 24 hours. XRP long positions worth $113.6 million were liquidated, according to CoinGlass, including $106.8 million in longs. The broader crypto market also dipped 3% to $3.79 trillion, with total liquidations nearing $1 billion.
The pullback followed weeks of overbought momentum. On the weekly chart, XRP's relative strength index dropped from 71 to 61, while the daily RSI fell to 56 after peaking at 88. Analysts say the correction could open the door to a more sustainable rally if the $3 support level also the 100-period simple moving average holds.
This is a healthy shakeout, said market analyst XRPunkie. The $10$15 target remains on the table.
Other analysts said the retreat is part of a broader cooldown after leverage overheated across altcoin markets. Market watchers are now eyeing $2.60 as the next key support if bulls fail to hold the line.
This article first appeared on GuruFocus.
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