XRP Price Analysis

With bearish volatility stirring most altcoins to new monthly lows, the price action of XRP has remained in the spotlight. Over the past 24 hours, this top coin experienced about a 170% liquidation imbalance as long traders were stunned by a failed rebound. As new directions emerge for XRP investors, the prospects of a bullish recovery are thinning out overall.

XRP Liquidation Outlook

According to data from CoinGlass, XRP has recorded a total of $11.51 million in liquidations over the past 24 hours. Long traders suffered losses totaling $10.64 million, while short traders accounted for over $860,000 in total liquidations.

The digital currency has consistently ranked high among assets experiencing intense liquidation over the month, due to its unique price action that entices traders.

At press time, XRP was trading at $2.46, down 4.05% in the past 24 hours. Before the Bybit hack last week, the coin was projected to breach the $2.80 price mark. However, after facing rejection at $2.75, this rally could not materialize.

Recent fluctuations forced many long traders into hasty bets, resulting in significant losses.

Hopes for XRP Price Recovery

The broader digital currency ecosystem is volatile, with upcoming FTX unlocking events looming. While XRP is somewhat insulated from these events, the overall negative sentiment in the industry is significantly hindering its rebound attempts.

However, a major trigger could arise in the coming days with the potential resolution of the Coinbase v. U.S. SEC lawsuit. Speculation suggests that Ripple Labs may soon see its case withdrawn, which could positively impact XRP’s price.

For now, XRP aims to hold support at the $2.40 mark, with a short-term resistance level identified at $2.70.