XRP is gaining momentum in the cryptocurrency market again, as the price rose from $2.12 to a peak at $2.18 in the last 24 hours. This slight spike in price has triggered a liquidation imbalance in the XRP futures market, as short traders have lost their positions.
Short traders suffer as XRP price surges
CoinGlass data shows that in the last hour, short position traders saw $151,020 wiped out as the price gain occurred on XRP. These investors were not betting on an XRP recovery and were stunned when prices began to rise.
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Long traders only registered a loss of $8,060 within the same time frame. This suggests that few investors in the XRP space expected the asset’s consolidation phase to linger for a little bit longer.
However, XRP is preparing to retest the $2.30 zone again if the ecosystem bulls can support this move. As of press time, investors had toned down their engagement as trading volume had declined by 42.78% to $2.51 billion.
Meanwhile, the price remains up by 1.79%, and the exchange is at $2.17, according to CoinMarketCap data.
If XRP market participants resume heavy transactions due to the price recovery, the coin will likely move toward the $2.30 resistance level.
XRP 200-day MA and wallet growth flash bullish
As per a recent U.Today report, XRP has the potential to leap from this price zone to higher levels as the asset is now at the 200-day moving average. Notably, this is an excellent support zone for the coin, and a rebound remains possible.
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With the XRP network rapidly expanding as signaled by the 9,000 new wallets within two days, it raises optimism for further growth. The spike in new addresses suggests potential for more liquidity and increased adoption.
XRP futures traders should watch the price trajectory before betting on the asset after this recent shift.
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