- Reports from Coinglass reveal that despite a positive legal ruling, XRP’s value dropped by 2.61% in the last 24 hours, raising doubts about recent hype.
- XRP’s market response was lukewarm, resulting in a $1.35 million decrease where short positions lost $116.25K, while long traders lost $1.23 million.
- XRP advocates stress the real-world uses and upcoming XRPL initiatives for the sustainable growth of the token.
Cryptocurrency XRP, currently priced at $0.5086, is experiencing a 2.61% dip in the last 24 hours, increasing the speculation about the authenticity of the recent hype around its performance. Despite a recent positive ruling from Judge Analisa Torres, affirming that XRP is a non-security when traded on exchanges, the market response has been tepid.
According to the recent CoinGlass liquidation data, the bearish trend in the past 24 hours has led to approximately $1.35 million worth of XRP being removed from the market. Interestingly, short positions have lost $116.25K, while long traders face a more substantial loss of $1.23 million.
Comparing this liquidation data with that of Bitcoin (BTC) and Ethereum (ETH), it becomes apparent that XRP is still perceived as a less promising digital currency. The revelation challenges bullish predictions made by some experts following the favourable ruling. Despite its huge community, if crucial growth data continues to lack enthusiasm and buy-up momentum, XRP’s short-term performance may not live up to expectations.
However, advocates of XRP present a positive perspective, emphasizing the importance of developers in the ecosystem focusing on real-world utilization channels rather than solely relying on on-chain technicals. They argue that when demand for XRP exists, the coin can chart a steady and sustainable growth trajectory over time.
Anticipation is building as the XRPL (XRP Ledger) prepares to welcome several new initiatives in the coming months, potentially providing the boost that XRP has long sought. The recent legal clarity did not trigger the expected bullish sentiment, proponents remain optimistic about the coin’s future growth, banking on real-world applications and upcoming initiatives within the XRPL ecosystem.
XRP is maintaining its bullish momentum and eyeing a breakout past the $0.532 resistance. Technical indicators suggest a potential surge towards $0.550, however, if unable to breach $0.532, a downward trend is possible with support at $0.500 and $0.475.
