The Ripple-affiliated XRP token has scored its highest weekly of $2.95 on the Binance exchange.
However, XRP bulls stopped short of holding the psychologically important $3 level after the token nosedives by roughly 14% on Sunday, plunging to an intraday low of $2.8.
The token is currently changing hands at $3.1 after paring some losses. It has recovered in tandem with other major cryptocurrencies. Bitcoin, after briefly dipping below $100,000, is now trading above the $105,000 mark, according to CoinGecko data.
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Still, according to cryptocurrency analytics platform Market Prophit, the overall crowd sentiment is bearish. This is based on various social media mentions of the token. The so-called "smart money" are also betting against the token, according to MarketPhophit.
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According to CoinGlass data, $32.5 million worth of XRP tokens ended up being liquidated over the past 24 hours, with long positions accounting for nearly 84% of the wipeout. Nearly $10 million worth of these liquidations took place on the Binance exchange.
XRP's total futures open interest currently stands at $6.69 billion, which marks a 11% drop compared to a day ago.
Last week, the XRP token finally managed to reach a new record high after roughly seven years. On Thursday, it hit a record peak of $3.4 on the Bitstamp exchange.
Despite the recent correction, the XRP token is still up by more than 26% over the past week alone.
The Ripple-affiliated token is likely to remain in the spotlight due to growing ETF buzz.
Recently, ProShares, one of the leading issuers of exchange-traded funds, filed for leveraged, inverse, and futures-based XRP ETFs.
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