Bearish trend hits XRP: Liquidations rise as price drops below $0.5

• 
  
  XRP
  saw
  over
  $3
  million
  in
  liquidation
  in
  the
  previous
  trading
  session.
• 
  
  It
  continued
  to
  trend
  below
  its
  short
  moving
  average.

XRP
has
experienced
mixed
price
trends
in
the
last
few
days,
which
has
impacted
the
level
of
interest
in
the
asset.
The
recent
decline
reduced
the
volume
of
interest
and
led
to
a
spike
in
long
liquidation
volume.

XRP’s
price
falls

An
analysis
of
the
XRP
price
trend
showed
that
by
the
end
of
trading
on
17th
June,
it
rose
by
3.21%,
with
its
price
hitting
$0.50.

However,
by
the
next
trading
session
on
18th
June,
most
of
those
gains
had
been
wiped
out.

The
daily
time
frame
chart
analysis
showed
that
XRP
declined
by
2.73%
on
18th
June,
trading
at
around
$0.49.

The
analysis
also
indicated
that
the
trend
of
trading
continued
below
its
short
moving
average
(yellow
line).
The
yellow
line
has
been
serving
as
its
resistance
for
a
while,
at
around
$0.51.

As
of
this
writing,
the
decline
continued,
and
XRP
was
trading
at
around
$0.48.
Additionally,
an
analysis
of
its
Relative
Strength
Index
(RSI)
indicated
that
it
remained
in
a
bear
trend,
as
the
RSI
was
below
the
neutral
line. 

The
chart
also
showed
that
its
long
moving
average
(blue
line)
served
as
a
longer-term
resistance
level
at
around
$0.56.
The
position
of
the
blue
line
above
the
yellow
line
further
highlighted
the
weakness
in
XRP’s
price
at
the
moment.

XRP
sees
over
$3
million
in
liquidation 

The
XRP
price
drop
resulted
in
a
spike
in
liquidation
volume.
An
analysis
of
the
liquidation
chart
on
Coinglass
showed
that
over
$3
million
was
liquidated
by
the
end
of
trading
on
18th
June.

The
chart
indicated
that
the
long
liquidation
volume
was
around
$2.79
million,
while
the
short
liquidation
volume
was
around
$343,000.

ADVERTISEMENT

Interest
in
Ripple
drops

An
analysis
of
the
XRP
Open
Interest
showed
that
its
price
drop
also
impacted
its
trend.
A
look
at
the
chart
on
CryptoQuant
revealed
that
when
XRP’s
price
saw
an
over
3%
increase
and
rose
to
the
$0.50
price
region,
its
Open
Interest
spiked.

The
chart
indicated
that
Open
Interest
rose
to
over
422
million.

Source:
CryptoQuant

 Realistic
or
not,
here’s
XRP
market
cap
in
BTC’s
terms

However,
as
the
price
dropped,
the
Open
Interest
also
declined.
The
chart
showed
that
the
Open
Interest
had
fallen
to
around
405
million
as
of
this
writing.

This
indicates
that
some
traders
closed
their
positions
as
the
price
declined.
While
the
overall
trend
remains
positive,
there
has
been
a
noticeable
decline
in
Open
Interest.