XRP and Cardano (ADA) could be on the cusp of a short squeeze
The firm has stated that this could potentially be a good sign for the bulls since liquidated shorts could act as"rocket fuel" for sustained price increases.
A"short squeeze" occurs when a large number of holders are betting against a certain cryptocurrency, causing a significant imbalance between supply and demand. Shiba Inu and Dogecoin Now Owned by Major VR Gaming Platform Bitcoin Receives Critical Hit, Shiba Inu in Catastrophe Mode, Can Lose $0.00001 Again, XRP Stronger Than It Should Be, the XRP cryptocurrency recently managed to decouple from Bitcoin, the leading cryptocurrency. On July 17, it gained as much as 7% against the crypto king while also outperforming the entire top 100. Meanwhile, ADA is benefiting from the hype surrounding the upcoming launch of the"Chang" hard fork that will start a new era with decentralized governance.
XRP and ADA are currently in 8th and 11th places by market value after surging 3.7% and 4.7% over the past 24 hours, respectively. So far, the aforementioned cryptocurrencies have not experienced substantial volatility. Coinglass data shows that $1.02 million worth of XRP and $217,830 worth of ADA have been liquidated in one day. However, these liquidations could grow substantially if aggressive shorting continues.
Michael Saylor Shares Crucial BTC Advice, Shiba Inu Burn Rate Surges 12,842%, Cardano Spikes 162% in Trading Volume: Crypto News Digest by U.TodayShutter Launches First Threshold Encrypted Mempool for Ethereum-like Networks on Gnosis Chain to Combat US$900M Crypto Trading ProblemMichael Saylor Shares Crucial BTC Advice, Shiba Inu Burn Rate Surges 12,842%, Cardano Spikes 162% in Trading Volume: Crypto News Digest by U.
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