XRP’s price saw minimal movement in the past day, gaining only 0.2% to reach $0.5269. This came after long liquidations exceeded short liquidations by over 14,000% on October 23. Despite this, XRP has fallen by 5% over the last week, 10% in the past month, and 4% over the last year.
The significant difference in liquidations shows that XRP is in an oversold position, suggesting a possible price rebound.
Long Liquidations Surge by 14,134%
The surge wasn’t in XRP’s price yesterday. Instead, long liquidations increased by 14,134% more than short liquidations. During this period, around $1.07 million in long positions were liquidated compared to just $7,570 in short positions, according to CoinGlass data.
Today, CoinGlass reports that XRP saw $140,000 in long liquidations compared to $26,000 in shorts. This indicates a 424% higher liquidation of long positions, but the rate is slowing down.
XRP’s chart hints at overselling. Its relative strength index (RSI) stayed below 50 this week and still struggles to surpass this level. Also, XRP’s 30-period moving average remains below its 200-period average, suggesting a possible upward move soon.
XRP’s Trading Volume and Market Sentiment
XRP’s trading volume is around $1.3 billion, lower than Bitcoin, Ethereum, and Solana, which have volumes of $37.7 billion, $19.7 billion, and $5.5 billion, respectively. This relatively lower volume indicates less interest from major investors.
Despite this, XRP’s fundamentals remain strong. Ripple’s recent expansion efforts, including its stablecoin launch, put it in a favorable position. A win against the SEC could push XRP to $0.65 by the end of November and $0.75 by the year-end.
Bullish New Meme Tokens with High Potential
For traders seeking faster gains, new meme tokens offer more potential. This year has been significant for coins like Bonk, Pepe, and Popcat, along with various presale tokens.
One standout presale token is Crypto All-Stars (STARS). The ERC-20 token has raised over $2.5 million in its ongoing sale. Its main attraction is the ‘MemeVault,’ a staking protocol allowing holders to stake meme coins, even those not running on Ethereum. Using the ERC-1155 standard, Crypto All-Stars can tokenize and stake non-Ethereum meme coins.
This could lead to strong demand for STARS, especially among Dogecoin, Shiba Inu, and Pepe holders. The project’s official X account already has over 17,000 followers.
Investors can buy STARS early through the official Crypto All-Stars website. The growing popularity suggests a significant surge once the coin lists publicly.
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