XRP Price Prediction: Single-day big dump of 12.22%, long positions get liquidated over $100 million, can it hit $6 in the future?

On July 24, the price of XRP experienced a big dump of 12.22%, falling to $3.04, catching long position investors off guard. This price drop occurred after VERT issued $130 million in debt instruments on the XRP Ledger, and the market failed to react as expected. With market sentiment hit hard, investors are questioning whether XRP can still break through $6.

XRP big dump, $105 million long positions liquidated XRP's 12% fall severely impacted traders holding long positions. According to Coinglass, long investors betting on XRP's price increase faced over $112 million in liquidations in the past 24 hours, of which approximately $105 million was from long positions. This is one of the largest long squeezes in 2025.

Although this figure accounts for less than 1/8 of the total liquidation amount in the market, it is significant for Ripple. Especially when Bitcoin's position volume reaches $8.2 billion, XRP's position volume of $908 million is relatively small, but this forced liquidation amount surpasses Bitcoin's $76 million, indicating that the selling pressure in the market is exceptionally strong.

The big dump occurred after July 23, when many long positions investors thought the price of XRP would rise after Brazil's VERT issued debt instruments using the XRP Ledger, but they ended up being severely trapped.

If the key support level holds, XRP may still aim for $6 There is still hope for investors expecting XRP's price to rise again. A careful analysis of the daily chart reveals that this drop has formed a cup and handle pattern. If XRP can break through the key resistance level of $3.39, a 91% surge is expected, with a target price of $6.

In addition, XRP experienced a golden cross on July 21, which may also provide a breather for the price. History may repeat itself, as the last time XRP had a golden cross in August 2024, it went through a 5-month wait, ultimately resulting in a price increase of over 500%.

This pullback also occurred a few days after analysts predicted that XRP might reach $15. The analysts predicted the target price based on the bull flag pattern, and this pattern is still ongoing.

Despite the 11% pullback affecting short-term sentiment, XRP still remains above the key support level. Without new demand coming in, selling pressure could drag XRP down to $1.77.

Conclusion Although the XRP price has experienced a short-term pullback, based on technical analysis and the golden cross signal, XRP still has the potential to break through $6. Investors need to closely monitor the breakout point at $3.39; once it breaks through, XRP may usher in a significant surge. However, selling pressure in the market still exists, and future trends will depend on whether it can attract new demand and capital inflow.