- A sharp drop in XRP’s price wipes over $5.58 million in long positions on exchanges.
- Egrag Crypto reassured XRP community members that the token is still on track to hit the $1.4 target.
- The analyst said the unexpected decline illustrates the unexpected nature of the crypto space.
XRP’s downward slide in the early hours of today has caused a significant uptick in long trading position liquidations across exchanges. This development comes amidst a wider slump in the cryptocurrency market.
Reacting, crypto analyst Egrag Crypto, in a post on X, said the “recent flash crash swiftly cleared out a significant number of long positions.” According to the analyst, the unexpected liquidations illustrate the unpredictable nature of the crypto space, cautioning that leveraging trades can lead to devastating losses.
Despite the crash, the analyst reiterated his optimism that XRP’s trading value will still see a significant increase. “#XRPArmy STAY STEADY; our trajectory towards $1.4 remains unchanged, despite the market turbulence,” he tweeted.
Turning to cryptocurrency data tracker Coinglass, data shows over $5.58 million were wiped out on exch…
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