Will XRP collapse to $ 1.90? Dominate $ 111 million in shorts

Crypto whales seem to be returned to the market with the aim of accumulating as much as possible as the market is experiencing a free fall. Recently, the Coingglass Analytics Company revealed that whales and long-term owners have shown a strong occupation and confidence in XRP, Ripple Labs’s native Token.

155 million dollars worth the outflow of xrp

Data He discovered that exchanges witnesses are significant outflow of $ 155 million worth of XRP Token. This significant outflow is a clear sign of accumulation and suggests a potential opportunity to buy.

This potential accumulation was witnessed by an analytics company on the chain, as Altcoin experienced a drop in price of over 16% in the last 24 hours. With this significant fall, XRP is currently traded close to a $ 2.50 level and has attracted an impressive participation of merchants and investors, resulting in an increase of 210% of its trading volume.

Traders strongly short xrp

However, internal traders seem to exploit current market feelings because they strongly adorn XRP tokens.

At the time of the press, traders change significantly at a level of $ 2.50, where Bulls hold long positions worth $ 14 million, believing that XRP will not fall below this level. In the meantime, short sellers are excessive at a level of $ 2.85, and have short positions worth $ 111 million.

These data indicate that short sellers are currently dominated by property and can easily liquidate long positions worth $ 14 million.

XRP Technical analysis and upcoming

According to a professional technical analysis, XRP has violated its key level of support and it seems that it will probably continue its price drop.

Based on the recent price and historical momentum action, if XRP fails to retain a level of $ 2.55, there is a great possibility that it could drop by 25% to reach a level of $ 1.90 in the coming days.