XRP Death Cross Emerges as Price Falls Below $2

XRPs death cross places the coin within a tight range of $1.97 and $2.06. This suggests that XRP might struggle to break above this range in the short term, except a bullish catalyst triggers a change.

As of press time, it is changing hands at $1.97, which represents a 3.85% decline in the last 24 hours. The coin plunged from a daily high of $2.06 to a low of $1.91 before its slight climb to the current level.

This uptick might have been supported by the high trading volume. Within the same time frame, XRPs volume has increased by 167.34% to $3.68 billion.

Liquidation imbalance wipes out XRP traders

XRP has left investors in confusion as, in the last 24 hours, it printed an 8,700% liquidation imbalance, with long position traders wiped out near $2 billion.

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With XRP slipping below $2 once again, even short-position traders are not spared the bleeding.

The current development has nullified that 12% spike in open interest registered by XRP over the weekend.

XRP traders had committed $1.4 billion on the future price outlook. Despite this bullish anticipation, the emergence of a death cross has nullified all bets on the asset.

In addition to price fluctuations, there are concerns over regulatory clarity, which has affected investors‘ sentiment. Although XRP’s nonsecurity status is not in contention, institutional adoption for the long term remains a concern.