XRP Price Rebounds as Liquidation Imbalance Soars 1278%

Ripple's XRP has been on a wild ride in recent days, with the cryptocurrency experiencing a significant price rebound. According to data from CoinGlass, the liquidation imbalance for XRP skyrocketed by 1,278% in just 12 hours, indicating that short sellers have taken heavy losses as the price climbed.

The price surge is attributed to a broader market recovery, with leading digital asset Bitcoin surging above $71,000 and pulling altcoins along in its rise. This has led to increased engagement among traders, with volume spiking by 84.06% to $2.93 billion.

However, the market remains cautious, with some analysts noting that XRP's price is still below a crucial resistance zone of $1.40 to $1.42. If the current bullish sentiment fails to push the coin's price up, it may retest the $1.30 support level.