Multiple altcoins are in red amid a downtrend in the Bitcoin market.
Crypto prices have recently fallen, resulting in unusual liquidations for Ripple-linked XRP, Cardano (ADA), and Dogecoin (DOGE).
This liquidation between long and short positions was unusual amid the market reset in the past 24 hours.
Per current data, the prices of these cryptocurrencies consolidated amid a broader, tempered market sentiment.
According to CoinGlass data, total liquidations in the cryptocurrency market over the last 24 hours amount to $165.36 million.
XRP, Cardano, and Dogecoin contributed mainly to the liquidation figures.
However, traders holding long positions of XRP, ADA, and DOGE suffered more liquidations than short traders during the period.
According to CoinGlass data, the total XRP liquidations reached $2.5 million. This figure amounted to more than 1,136,363 XRP, with XRP valued at $2.2.
Long trader liquidation accounted for $2.29 million. In contrast, short traders saw a cumulative liquidation of $250,880.
For Cardano, liquidation from long traders reached $1.12 million, while short traders saw a cumulative liquidation of $147,750. In total, ADA liquidations accounted for $1.27 million.
Similarly, over $3.53 million DOGE were liquidated from both long and short traders. Long traders suffered a liquidation of $2.82 million. In contrast, short traders suffered $695,200 in liquidation.
The latest liquidation data showed long traders suffered more losses than those holding short positions.
Typically, a surge in long liquidations signals a bearish market sentiment or a sudden price decline. In this case, bullish traders are forced out of their positions.
The intensified liquidations have amplified downward pressure for ADA, DOGE and XRP price. These crypto prices experienced sharp valuation drops within the past 24 hours.
The price of XRP is down 0.7% to $2.2. While Cardano dropped 1.2% to $0.57, Dogecoin price declined 1.66% to $0.1638.
Additionally, these assets have all experienced declining trading volumes, indicating that traders have reduced their purchases.
Trading volume for XRP, ADA, and DOGE dropped 42.8%, 25%, and 22.9%, respectively per data from CoinMarketCap
The overall market state does not appear favorable to XRP, ADA, and DOGE.
The market has experienced low volume, indicating that neither bulls nor bears are willing to make a full commitment.
Due to this dynamic, XRP price as well as those of ADA and DOGE, are likely susceptible to abrupt fluctuations in either direction.
Market analyst CasiTrades noted that after XRP price pulled back to retest the $2.18-$2.16 consolidation zone.
This pull-back followed XRP reaching the $2.30 resistance. The analyst, therefore, predicted that XRP could target $2.69 and $3.04 if it stabilizes and reclaims the $2.25 support.
The top market altcoins are currently in the red zone. Multiple altcoins have jumped to low levels over the past 24 hours.
Solana (SOL) stood out as its price dropped 1.69% to $147.9. Recent movements in the SOL price reflect low enthusiasm within its community.
It also represents a lack of market confidence toward established altcoins. This trend comes amid the latest drawdown in Bitcoin (BTC).
After closing above the crucial $109,000 resistance, BTC has declined to $108,158. Altcoins and crypto prices often move in tandem with Bitcoin, as the leading coin serves as the market’s benchmark.
Sharp drops in BTC price often trigger a broader market sell-off, causing most altcoins to decline as well.
With this in mind, top altcoins could see recovery once momentum resumes in the Bitcoin market.
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