XRP recently saw a sharp price dip to $2.15

XRP recently saw a sharp price dip to $2.15, triggering massive liquidations worth $13.9 million in long positions

The price of XRP recently dipped sharply to $2.15, resulting in massive liquidations. According to cryptocurrency derivatives exchange FTX, these liquidations amounted to $13.9 million in long positions, compared to just $1.49 million in shorts, a nearly 1000% imbalance.

This disparity indicates that the majority of traders were betting on the price of XRP going up. However, when the price failed to rise further and began to decrease, many positions were wiped out, pushing the token's price down even more.

Despite the recent price movements and a legal battle with the U.S. Securities and Exchange Commission (SEC), which have kept XRP in the headlines throughout the year, some traders remain optimistic about the token's future.

Crypto analyst John Squire highlighted several key factors that suggest XRP isn't dead and might be preparing for a strong return.

One of the main points raised by Squire is that, in contrast to other tokens quickly gaining hype, XRP has been in development for over a decade. The company behind XRP, Ripple, has built a global payment network, RippleNet, which is active in over 55 countries and already being used by more than 350 financial institutions.

Among these institutions are major names like SBI, Tranglo, and Santander, demonstrating that Ripple's network isn't just about plans but rather has been implemented and is currently in operation.

This stands in stark contrast to other crypto projects that are still in the planning stages or focused on smaller-scale endeavors.

Another significant moment for XRP was its legal battle with the SEC, which commenced in December 2020 following the SEC's investigation into whether or not XRP should be classified as a security.

After a long-running case, Ripple scored a partial win in July 2023 when a judge ruled that the SEC's actions had delayed the case and that the agency's statements about cryptocurrencies were problematic.

Moreover, the SEC recently paused its appeal against the ruling, which could pave the way for full legal clarity on XRP. If this occurs, XRP might become one of the few major cryptocurrencies fully cleared to work with U.S. banks, further increasing its value proposition.

Squire also noted that big players, like CME Group, are launching XRP futures in May 2025, and there are ongoing rumors of a possible BlackRock XRP trust.

Furthermore, Ripple has launched its own stablecoin, RLUSD, which has already crossed $300 million in market cap, showcasing the expanding ecosystem around XRP.

Finally, Ripple bought Hidden Road, a major broker that moves over $10 billion daily, adding more strength to the XRP ecosystem.

While many might call XRP "dead" due to its slow price movement, which has stayed in the $0.50-$0.70 range for a year, Squire pointed out that this is often when smart investors quietly buy in.

Technical indicators show XRP is holding a key level with support around $2.00 and a chance to turn bullish if it breaks $2.30. For now, XRP may be quiet, but it might just be getting ready to roar.