As XRP continues to regain its position in the cryptocurrency market, the cryptocurrency data-analyzing firms have been paying close attention to its flows. Just recently, a couple of data-analyzing firms have revealed some very shocking figures around liquidation that they observed for the digital asset.
The firms have shared the liquidation report for XRP positions in the past week. According to the firms, they observed that the XRP traders liquidated more than $620 million worth of XRP positions. The report also suggests that the liquidation observed was from traders with overleveraged positions.
The analysis shows that the liquidation took place while the investors and fans of XRP were too much optimistic about the digital asset’s bullish run and promising/gradual growth.
In addition to the above, the Chief Technology Officer at Ripple, David Schwartz was also advising the XRP investors the same. He had advised them to not fully hold on to their XRP tokens and proceed with selling some so they can make profits from it.
He stated that it would help them with two things, where the first one would be to reduce the amount of risk they may face if not sell off some of their XRP holdings.
The second one would be to gain more experience and exposure from the fluctuations that are currently taking place in the XRP markets.
The firms have also segregated the liquidations so the people paying attention to the crypto-markets know exactly what is going on. The report suggests that out of the entire liquidation, 80% of the liquidation consists of long positions.
This shows that majority of the traders were optimistic about the bullish nature of XRP. These investors were confident that XRP will continue to observe high rallying on its protocol and the price will continue rising.
As of now, the market capitalization of XRP is almost $70 billion, making it the fourth-largest cryptocurrency in the entire crypto-verse by market capitalization.
Furthermore, XRP is currently experiencing a price of $1.62, while the liquidation continues to take place. The stats show that in a matter of 24 hours, the price of XRP has dropped from $1.70 all the way, down to what it is now. The predictions around the price of XRP show it will drop further and may end up at a price of $1.37 in the coming hours.
When it comes to XRP’s monthly and annual growth, the digital asset does nothing but surprise the entire cryptocurrency industry. The monthly performance of XRP shows that in the last 30 days, XRP has gained 296% growth while the figure is around 829% when it comes to the last 365 days.