XRP faces a major liquidation event, with liquidation volume reaching an astonishing 1,800%

XRP has experienced a notable surge in liquidations over the past 24 hours, sparking concerns within the XRP community regarding the impact on the cryptocurrency's price.

XRP Market: Bearish Sentiment Prevails as Liquidations and Declines in Trading Volume Occur

According to data from Coinglass, liquidations totaling $1.32 million have occurred in the XRP market within the last day. Long positions bore the brunt of these liquidations, with $1.04 million in long positions being wiped out. This trend underscores the prevailing bearish sentiment within the XRP ecosystem, with bears asserting dominance.

The bearish outlook extends to various key metrics in the XRP derivatives market, with both total trading volume and open interest experiencing significant declines. This suggests a reluctance among crypto investors to engage in XRP trading.

XRP Faces Investor Skepticism Amid Crypto Market Rally, but Some Remain Bullish

Furthermore, a decline in options volume indicates diminished investor confidence in the altcoin. Despite the broader crypto market witnessing substantial price gains, XRP has struggled to maintain momentum, contributing to waning investor interest.

Despite the current market conditions, some remain optimistic about XRP's future trajectory. Crypto expert Zach Rector has expressed confidence that XRP will not miss the bull run, citing its fundamentals as a driving factor.

Rector anticipates a supply shock for XRP, with increased token burns expected to reduce circulating supply and potentially drive up the token's value through scarcity.

Crypto Analyst Advises Accumulating XRP Amid Bullish Patterns, Predicts Price Surge

Crypto analyst Egrag Crypto has advised investors to accumulate more XRP, pointing to an ascending triangle pattern on XRP's monthly timeframe as a bullish indicator. Egrag suggests investors "sit back and wait for the magic to happen," anticipating a significant price surge.

Egrag predicts that XRP could potentially reach $17 or $27 based on the measured move of the ascending triangle pattern. Additionally, the analyst has forecasted a rise to $5 by July.

XRP Shows Signs of Recovery, Community Remains Optimistic About Future

At the time of writing, XRP is trading around $0.6, experiencing an uptick in the last 24 hours according to data from Tradingview. Despite recent challenges, optimism persists within the XRP community regarding the cryptocurrency's future prospects.