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XRP Price Prediction: $70M Liquidated as XRP Tests $1.70 – Is $1.60 Next?

XRP is going through extra promoting, now buying and selling near $1.70 after one other spherical of declines. The token has dropped about 2.5% within the final day and is having bother stabilizing after its latest fall. The fast return of downward momentum is particularly notable.

This reveals the market continues to be fragile. Buyers are staying away, and every small rally is rapidly met with extra promoting. Right now, XRP seems to be like it’s nonetheless correcting as an alternative of preparing for a robust restoration.

$70 Million in Liquidations Hit Bullish Traders

The newest pullback triggered greater than $70 million in XRP futures liquidations, with the bulk coming from lengthy positions. In easy phrases, many merchants had been positioned for a rebound, and when worth slipped beneath key ranges, pressured promoting kicked in.

As XRP dropped underneath close by assist zones, margin calls accelerated the decline. This sort of liquidation cascade typically creates exaggerated strikes, the place promoting feeds on itself slightly than reflecting a sudden change in fundamentals. It additionally explains why the worth struggled to stabilize rapidly after the preliminary dip.

Here are the details from the liquidation knowledge:

  • Most liquidations got here from lengthy positions, which reveals merchants had been nonetheless optimistic.
  • Forced promoting made the market extra risky, as an alternative of merchants taking income naturally.
  • Leverage is coming down, nevertheless it hasn’t been fully cleared from the market but.

Weak Bitcoin Keeps Risk Appetite Low

XRP’s weak spot is a part of an even bigger pattern. Bitcoin’s sluggish worth motion has made the entire crypto market extra cautious. When Bitcoin isn’t transferring up, merchants normally in the reduction of on altcoins, particularly these already underneath strain.

At the identical time, there’s little proof of aggressive dip-buying. Spot demand seems skinny, suggesting many traders are ready for clearer affirmation earlier than stepping again in. Until total market confidence improves, XRP is more likely to stay delicate to draw back strikes.

XRP Technical Picture Points Toward $1.60

On the 4-hour chart, XRP price prediciton is strongly bearish as XRP retains making decrease highs and decrease lows, following a transparent downward trendline that has restricted recoveries since mid-January. The worth has dropped beneath the 1.618 Fibonacci extension close to $1.73, drawing focus to decrease assist ranges.

XRP Price Chart – Source: Tradingview

XRP is now simply above $1.64, which matches the two.272 Fibonacci extension. This space may present a short pause, nevertheless it normally doesn’t maintain as a backside throughout a robust downtrend. If the worth falls beneath $1.64, it may transfer towards $1.60 to $1.59, the place the two.618 extension and former liquidity are discovered.

Momentum continues to assist a bearish outlook. The RSI continues to be beneath 40 and transferring nearer to oversold territory, with no signal of bullish divergence. This factors to ongoing weak spot as an alternative of an indication that the decline is ending.

For sentiment to enhance, XRP wants to maneuver again above $1.75 to $1.78, after which above $1.86. Until that occurs, the technical outlook suggests warning, with $1.60 as the subsequent essential stage to look at on the draw back.

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