Market data confirms that XRP recorded an intraday low of $1.771 on Monday, particularly on the Binance exchange. Notably, this dip occurred at 02:05 AM on February 3, marking a nine-week low for XRP.
The impact of this dip was particularly felt in the XRP derivatives market. Citing data from Coinglass, analyst Chad Steingraber pointed out that February 3 saw the largest single-day liquidation in XRP’s history.
At least $74.67 million was wiped out from bullish traders across various exchanges, while bears lost $28.28 million. Cumulatively, the XRP market saw approximately $103 million in liquidations.
XRP Posts $1 Price Swing with 57% Comeback
Meanwhile, XRP began a recovery rally on the same day, shortly after the drop to $1.771. By 08:00 PM, XRP had rallied back to $2.781 on Binance, regaining $1 after the major dip. This turnaround marked a significant 57% pump within a 24-hour window.
Market watchers like Steingraber and Dom took to X to celebrate the feat, calling attention to XRP’s resilience. Analyst Dom noted that XRP spent seven years hovering around $0.40, but it surged by $1.30 in just two days.
He highlighted that the recent 48-hour fluctuation for long-term holders was three times the value of their initial investment.
Furthermore, Dom pointed out that in just 14 hours, XRP progressed by 90 cents—doubling the value of a portfolio that had been stagnant for years. He emphasized that this serves as a reminder of how quickly the XRP market can shift. “Let that sink in,” he said.
XRP to Target $5 Price Swing Next
Although XRP has retraced slightly from $2.78, it continues to defend most of its gains at press time, trading at $2.60.
Meanwhile, Steingraber suggested that with the recent milestone, XRP could be targeting a $5 price swing. Notably, XRP would need to post a 192.4% rally from its current level to add $5 to its price, bringing its prevailing value to $7.60.
Interestingly, XRP would have a market cap of $433.2 billion at this price—an amount sufficient to surpass Ethereum and position XRP as the second-biggest crypto asset, only behind Bitcoin.
https://twitter.com/ChadSteingraber/status/1886596329213772251
