CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
BitcoinSistemi 2024-12-06 11:54:06

Analyst Reveals the Real Danger Awaiting Ripple (XRP) Bulls!

As the rise in Bitcoin (BTC) and XRP has slowed in the last few days, some investors are nervous about this decline, while others are expecting a strong recovery. An analyst assessing the state of Bitcoin and XRP has warned of a potential bloodbath in XRP as Bitcoin dominance increases. Pav Hundal, chief analyst at cryptocurrency exchange Swyftx, noted that if Bitcoin dominance continues to grow, XRP could fall and the majority of long positions in XRP could be liquidated. “The real danger for XRP bulls, who are currently heavily leveraged, is a return to Bitcoin dominance. A rotation from XRP to Bitcoin would likely lead to a long liquidation bloodbath.” Stating that investors' expectations for an increase have increased after the incredible rise in XRP, the analyst said that investors are open to long positions even as the XRP price falls. At this point, citing CoinGlass data, the analyst noted that XRP's open interest (OI) reached $ 3.44 billion on December 5, pointing out that this figure is much higher than the $ 2 billion recorded during the price increase in April 2021. Finally, the analyst added that he predicts that spot volumes and prices for XRP and altcoins could increase again once Bitcoin stabilizes and its dominance declines. *This is not investment advice. Continue Reading: Analyst Reveals the Real Danger Awaiting Ripple (XRP) Bulls!

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.