The post XRP Lost 30% Overnight: What Happened With Volume? appeared on BitcoinEthereumNews.com. XRP longs position dropping XRP is not that bad XRP recently experienced one of the most severe short-term drops of the year, falling about 30% overnight before making an effort to partially recover. The price chart illustrates the exact course of events: XRP broke below the lower edge of its descending channel, sliced straight through support between $2.15 and $2.20, and only then discovered sufficient liquidity to return to the channel. XRP longs position dropping This type of move necessitates a wave of liquidations and forced selling, which the data supports. It does not occur on thin trading. Over a number of time periods, the CoinGlass metrics show a sharp increase in liquidation activity. Over $1.14 million in XRP liquidations occurred in just a 12-hour period, with the great majority of those liquidations hitting long positions. A similar pattern can be seen in the 24-hour liquidation tally: short liquidations remained comparatively muted, while long traders took a hit. The rapid decline can be explained by this imbalance; leveraged long traders were completely eliminated. Source: Coinglass Volume distribution among exchanges is another important factor. According to the XRP Spot Volume Heatmap, MEXC and Binance have the highest trading loads, both reporting volume of over $1.7 billion. These are typically the first locations where cascading liquidations lead to follow-through sales, and this instance was obviously one of those.   You Might Also Like The long/short ratios had an impact as well. Even as the price declined, Binance’s long-to-short ratio (2.55 to 1) remained significantly skewed toward longs. This kind of lopsided market is always susceptible to liquidation cascades, where liquidation engines take over when support fails. XRP is not that bad The price chart’s only indication of bullish structure is that XRP recovered above the lower trendline of its descending channel in… The post XRP Lost 30% Overnight: What Happened With Volume? appeared on BitcoinEthereumNews.com. XRP longs position dropping XRP is not that bad XRP recently experienced one of the most severe short-term drops of the year, falling about 30% overnight before making an effort to partially recover. The price chart illustrates the exact course of events: XRP broke below the lower edge of its descending channel, sliced straight through support between $2.15 and $2.20, and only then discovered sufficient liquidity to return to the channel. XRP longs position dropping This type of move necessitates a wave of liquidations and forced selling, which the data supports. It does not occur on thin trading. Over a number of time periods, the CoinGlass metrics show a sharp increase in liquidation activity. Over $1.14 million in XRP liquidations occurred in just a 12-hour period, with the great majority of those liquidations hitting long positions. A similar pattern can be seen in the 24-hour liquidation tally: short liquidations remained comparatively muted, while long traders took a hit. The rapid decline can be explained by this imbalance; leveraged long traders were completely eliminated. Source: Coinglass Volume distribution among exchanges is another important factor. According to the XRP Spot Volume Heatmap, MEXC and Binance have the highest trading loads, both reporting volume of over $1.7 billion. These are typically the first locations where cascading liquidations lead to follow-through sales, and this instance was obviously one of those.   You Might Also Like The long/short ratios had an impact as well. Even as the price declined, Binance’s long-to-short ratio (2.55 to 1) remained significantly skewed toward longs. This kind of lopsided market is always susceptible to liquidation cascades, where liquidation engines take over when support fails. XRP is not that bad The price chart’s only indication of bullish structure is that XRP recovered above the lower trendline of its descending channel in…

                                                                               Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week.                     Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more