- XRP liquidations at $2.2 highlighted a profit-taking phase as bullish momentum built on the charts
- A breakout past $3.3 could push XRP towards its 2017 highs, with key metrics supporting this rally
The crypto market has taken interest in the price action of XRP, particularly following its recent slight pullback to $2.2. During this phase, CryptoQuant reported that over $4 million worth of XRP short positions were liquidated.
Source: CryptoQuant
Despite this correction, however, XRP quickly resumed its upward trajectory. According to CryptoQuant’s reports, the declining exchange outflows following the profit-taking session hinted at a temporary pause in accumulation.
However, at the time of writing, the market appeared to be gearing up for the next move, with XRP’s Open Interest (OI) hitting its highest levels recently.
Source: CryptoQuant
