The cryptocurrency derivatives market has suffered heavy liquidations as altcoins like XRP (XRP) and Dogecoin (DOGE) have plummeted. Crypto Has Seen Almost $1 Billion In Liquidations During The Past Day According to data from CoinGlass, the cryptocurrency derivatives sector has been shaken up by a wave of liquidations in the last 24 hours. “Liquidation” here refers to the forceful closure that any open contract undergoes when its losses exceed a certain percentage (as defined by the platform). Related Reading: When Will Ethereum Turn Overheated? Report Says Watch This Level Below is a table that breaks down the numbers related to the latest liquidations in the digital assets market: As displayed, the cryptocurrency sector has seen a whopping $967 million in derivatives contract liquidations over the past day. Out of these, an overwhelming majority of the positions involved were long ones. More specifically, users betting on a bullish outcome took a beating of around $829 million. These mass liquidations have come as assets across the market have witnessed some degree of bearish price action. The likes of XRP and Dogecoin are currently down about 10%. Interestingly, Bitcoin (BTC) hasn’t been affected by this latest sector-wide downturn, suggesting that the decline could be a result of investors rotating capital out of altcoins. Given BTC’s relatively flat action, it’s not surprising to see that the number one cryptocurrency hasn’t been leading in liquidations this time around. From the above heatmap, it’s visible that Ethereum (ETH) has topped the market with a derivatives flush of almost $200 million, while XRP has come second with liquidations of $115 million. Despite the fact that Bitcoin hasn’t actually moved much in the past day, users have still managed to rake up $84 million in liquidations. Solana (SOL) and Dogecoin wrap up the top 5 with figures sitting at $58 million and $56 million, respectively. The mass liquidation event from the past day may be a product of overheated conditions that had already been brewing in the sector. As on-chain analytics firm Glassnode has revealed in its latest weekly report, the Open Interest across the top altcoins has seen a significant increase since the start of July. The “Open Interest” here refers to an indicator that keeps track of the total amount of futures positions related to an asset that are currently open on all centralized exchanges. As shown in the chart, the metric’s combined value for Ethereum, Solana, XRP, and Dogecoin sat at $26 billion at the start of the month, but it has now grown to $44 billion. Related Reading: XRP Whales Move $759M In Token: What Are They Up To? Historically, an excess of leverage has often led to volatility for the market, so the latest squeeze could just be this effect in motion. XRP Price At the time of writing, XRP is floating around $3.17, down 4% in the last week. Featured image from Dall-E, Glassnode.com, CoinGlass.com, chart from TradingView.com Source: newsbtc.com (Read Full Article)

XRP has entered a period of quiet movement following its rally last week that pushed its price to new all-time highs. Particularly, XRP’s price has hovered between $3.40 and $3.60 over the past few days. This structure has caught the attention of crypto analyst CasiTrades, who shared her detailed outlook on the social media platform X. Her accompanying chart breaks down the ongoing setup and shows the significance of the $3.40 support alongside the bullish implications of XRP’s behavior just beneath the resistance zone. Former Resistance Now Support CasiTrades points to a classic bullish flip taking place in XRP’s chart pattern on the 1-hour candlestick timeframe. A key trendline, which had previously served as overhead resistance, has now been flipped and is acting as support. This shift has played out with precision, as price has tested the trendline three times and each bounce affirms that buyers are stepping in with confidence. According to her analysis, this kind of structural transition might be subtle, but momentum is quietly building up for XRP’s next price move. Related Reading: ‘XRP Is The End Game’ — Pundit Reveals Why It’s Better Than Bitcoin The trendline, which has now flipped to support, sits just above the $3.40 level, and its resilience has helped XRP avoid any serious breakdowns since last week. As long as this line continues to hold, bulls will remain in control. To sum it up, the analysis shows that XRP is now in an accumulation phase rather than exhaustion, which is notable considering its significant rise earlier in the first half of July. Furthermore, a look at the Relative Strength Index (RSI) on the 1-hour candlestick timeframe chart shows that there’s still room for momentum to push higher than $3.65 before the end of the month.  However, the analyst also acknowledges that nothing is guaranteed. If the $3.40 support gives out, the XRP price could retrace to $3.20, where the 0.236 Fibonacci retracement level lines up. Other Fibonacci price levels to watch for a rebound are at $2.96, $2.76, $2.56, $2.50, and $2.27. Next Target Lies At $4.65 The trendline’s consistency, combined with the RSI levels, makes a stronger case for a breakout than a breakdown. The road ahead could open up well if XRP can bounce well at $3.40 and finally punch through the $3.60 to $3.66 resistance range. CasiTrades identified $4.65 as the next major level to watch, a target derived from the 2.618 Fibonacci extension of the previous rally. In the meantime, a middle price level to watch is at $4.11 on the path to $4.65. “The volatility above here gets wild and fast,” the analyst said. Related Reading: XRP Headed For ‘Insane Levels’ — Major Predictions After Hitting 7-Year High Once the XRP price clears $3.65, the path to $4.65 becomes much more probable, especially if the wider market sentiment shifts in favor of bullish price action. Featured image from Getty Images, chart from Tradingview.com Source: newsbtc.com (Read Full Article)