The crypto market saw liquidations of $657 million in the past 24 hours, as Bitcoin (BTC), Ethereum (ETH), and XRP prices dropped by 3.89%, 4.20%, and 6.49%, respectively. Bitcoin’s rejection at a key technical level exacerbated the sell-off. Due to XRP’s high correlation with BTC, it faced a similar drop today. Crypto Market Liquidations As a result of today’s crash, the XRP Open Interest (OI) has dropped $140 million in the past 17 hours, according to VeloData. This flush in OI indicates that overleveraged positions were culled from the market, creating a favorable buying opportunity. XRP/USDT 1-hour Chart vs. Open Interest A 7% drop in the past 12 hours caused $23 million in XRP long liquidations. This sudden nosedive ended the 18-day range tightening that XRP underwent, creating lower highs and lower lows. Connecting the trend lines with swing points reveals a falling wedge pattern. Generally, falling wedges offer a… Read More at Coingape.com
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