How XRP Rode Leverage to $1.60 and Then Lost $610 Million in a Single Session
Photo: The Crypto Basic
XRP activity shows how leverage helped drive its recovery toward $1.60 before a reversal led to more than $610 million in liquidations. Throughout September and early October, XRP’s price recovery coincided with a steady increase in futures open interest. This suggested that traders were opening more leveraged positions as they expected prices to rise further. However, the Oct. 11 liquidation event wiped out a large number of bullish positions and has since left XRP struggling to regain its upward momentum. XRP came under heavy pressure in mid-August, when its price fell to around $1.
Source: The Crypto Basic
