XRP Bears Got Wiped Out Hard Below $3. Here’s What Is Coming
Main Idea
XRP's price action indicates a potential short squeeze as it consolidates between $3.35 and $3.60, following a liquidation spike below $3, with analysts anticipating a breakout towards higher resistance levels.
Key Points
1. XRP experienced over $12M in liquidations below $3, leading to a sharp price decline.
2. The cryptocurrency is now consolidating in a rising range between $3.35 and $3.60, setting up for a potential short squeeze.
3. Technical analysis suggests XRP is preparing for a breakout, with the $3.60 level being a key resistance to watch.
4. Market outlook is bullish as bearish leverage has been cleared, and the $3 support level has held firm.
5. A confirmed breakout above $3.60 could lead to rapid price increases, potentially reaching multi-year highs.
Description
XRP’s recent price action delivered a heavy blow to bearish traders, as over $12 million in liquidations were recorded when the price dipped briefly below the critical $3 level. As highlighted by market analyst Xaif, the sharp move caught many off guard, resulting in a classic bear trap that swiftly reversed direction. The abrupt liquidation event erased heavily leveraged short positions, setting the stage for what appears to be a fresh bullish breakout . The liquidation cascade below $3 not onl...
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