XRP Value Rises by ‘14,134%’ in Unusual Liquidation Incident – What Occurred?

The XRP price has seen minimal change over the last 24 hours, with a 0.2% increase to $0.5269 following a significant disparity where long liquidations outpaced short liquidations by more than 14,000% yesterday.

XRP is currently down 5% over the past week and 10% over the last month, and it has also experienced a 4% decline in the past year.

This lackluster performance contributes to the dominance of long liquidations over short liquidations yesterday, with October 23 recording a 6,742% difference between the two within a 24-hour period.

However, with XRP remaining in a notably oversold condition, a price rebound appears probable in the near future.

XRP Price Surges ‘14,134%’ in Freak Liquidation Event – What Happened?

To clarify, it was not the XRP price that increased by 14,000% yesterday.

Instead, long liquidations were 14,134% greater than short liquidations at one point, with $1.07 million in long positions liquidated, compared to just $7,570 in shorts.

This information comes from CoinGlass, which reports that, to date, XRP has experienced $140,000 in long liquidations versus $26,000 for shorts.

Source: CoinGlass

This indicates that long liquidations are presently 424% higher than the corresponding shorts figure, with this decreasing percentage implying that the liquidation rate may be tapering off.

Examining XRP’s chart today, its indicators suggest that the market has been overselling it for an extended period recently.

The relative strength index (purple), for instance, has remained below 50 for most of this week and continues to struggle to surpass 50 today.

Source: TradingView

Additionally, its 30-period moving average (orange) has been below its 200-period average (blue) for several days, further suggesting that an upward movement may be imminent.

XRP’s trading volume remains steady at approximately $1.3 billion, although this is relatively modest compared to the volumes of tokens like Bitcoin, Ethereum, and Solana, which stand at $37.7 billion, $19.7 billion, and $5.5 billion, respectively.

This highlights a key reason for XRP’s struggles, as major investors have largely shown indifference toward the altcoin.

21,860,000 #XRP (11,441,948 USD) transferred from unknown wallet to #Bitsohttps://t.co/nLD6CmSILx

— Whale Alert (@whale_alert) October 23, 2024

Nonetheless, XRP’s long-term and fundamental outlook remains largely robust, with Ripple positioned well to navigate the SEC’s latest appeal attempt.

Given the company’s recent growth, including the introduction of a stablecoin, the XRP price has a strong potential to finish the year on a positive note.

It could reach $0.65 by the end of November (assuming a Trump victory) and $0.75 by the New Year.

Bullish New Meme Tokens with Strong Fundamentals

For those who find XRP’s pace a bit too slow, investing in newer tokens with greater early upside potential may be more appealing.

The year 2024 has been significant for various meme coins (e.g., Bonk, Pepe, Popcat), and it has also been lucrative for many presale tokens.

One of the most intriguing presale coins currently available is Crypto All-Stars (STARS), an ERC-20 token that has raised over $2.5 million in its ongoing sale.

CRUISING!
We just raced right on past $2.5 Million. Do I see $3M on the horizon?! pic.twitter.com/JBmI9Fopb5

— Crypto All-Stars (@all_stars_coin) October 19, 2024

What makes Crypto All-Stars particularly exciting is its ‘MemeVault’, a staking protocol that allows holders of any meme token to stake their coins.

Crypto All-Stars accomplishes this through the use of the ERC-1155 multi-token standard, enabling it to tokenize even coins that do not operate on Ethereum.

This could lead to significant usage and adoption, with users receiving enhanced rewards for staking Dogecoin, Shiba Inu, and Pepe (or others) if they hold larger amounts of STARS.

This is expected to generate considerable demand for STARS, with the coin’s official X account already amassing over 17,000 followers.

To purchase STARS early as part of its sale, investors can visit the official Crypto All-Stars website and connect their wallets.

Given the early popularity of Crypto All-Stars, it could easily experience a surge upon its initial listing.

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