Mined XRP Bulls Could Face “Bloodbath,” Says Top Analyst

Leveraged XRP bulls could face a “bloodbath” if Bitcoin’s dominance starts to rise again, says Swyftx senior analyst Pav Hundal.

“The real danger right now for highly leveraged XRP bulls is that Bitcoin dominance increases again,” Hundal said in a recent interview with CoinTelegraph. “A rotation from XRP to Bitcoin would most likely lead to a bloodbath of liquidations.”

“The Thirst for Long Leveraged XRP Exposure” Could Put Traders at Risk

The December 3, according to CoinMarketCap data.

Meanwhile, Bitcoin dominance fell more than 4% in the last week and more than 8% in the last 30 days to 55.37%.

Despite the decline in the price of XRP over the past few days, Hundal noted that there is still a “hunger for long leveraged securities.” XRP exposure.” The analyst added that long positions in XRP have been “reloaded” even as prices have fallen since the December 3 peak.

Retail traders have also engaged in “rapid buying” in recent weeks, the analyst said, driving open interest in the market to nearly double the levels seen in 2021. Hundal concluded that the market could approach “euphoria territory.” »

Bitcoin clears $303 million in long positions

On December 5, Bitcoin wiped out $300 million long positions after falling more than 5% to below $93,000 in just a few minutes. Bitcoin price has since rebounded above $98,000 as major corporations and whales identified the correction as a buying opportunity.

🚨 Blackrock buys 7750 #Bitcoin

They hold over $50 billion in assets.

The Fastest Growing ETF EVER! 🔥 pic.twitter.com/uJU9MLTlTb

-Thomas | heyapollo.com (@thomas_fahrer) December 6, 2024

Asset management titan BlackRock, along with MARA Holdings and an unknown whale collectively purchased 9,1773 Bitcoins yesterday.

The BTC price rebound could put the leading crypto back on its positive trajectory, leading to an increase in crypto dominance and the potential “bloodbath” reported by Hundal.

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