Virgilio Gomes

Minister Alexandre de Moraes 2025
On July 30, 2025, the US government sanctioned STF Minister Alexandre de Moraes under the Global Magnitsky Act (EO 13818). This blocks any assets under US jurisdiction and prohibits 'US persons' (individuals and companies under US laws) from dealing with the sanctioned individual. The reaction in Brazil came with a decision from Minister Flávio Dino (STF) determining that foreign laws/orders do not have automatic effect in the country without judicial validation — creating an impasse for banks with operations and exposure in dollars.

XRP has experienced a mild liquidation event in the last hour, but its short traders have suffered a massive liquidation bloodbath against traders who have placed their bets on the token’s upsurge, as revealed by Coinglass in its latest data.

As the third-largest cryptocurrency by market capitalization experienced a sudden reversal in market sentiment, with its price steadying above the $2.25 mark on July 7, 2025, it experienced a massive liquidation imbalance in favor of the bulls within an hour.

According to the data, XRP total liquidation over the last hour reached a total of $288.28k, with long-position traders of the leading meme coin suffering the least liquidations of just $4.85k. Meanwhile, short traders were seen catering to nearly all the total liquidations recorded during the period, putting them at losses of $283.44k.

The one-sided liquidation event, which was triggered by the sharp reversal in XRP’s price movement witnessed on Monday, caught XRP bears off guard, seeing the token’s liquidation imbalance for just one hour surge by a massive 5,744%.

XRP breakout ahead?

While market analysts fear that XRP’s positive price movement experienced in the past hours might be a sign of a possible bull trap, optimism for a potential price breakout has also been on the rise.

Bull traps imply a false reversal that shakes out short positions before further declines play out. In this case, after the token’s downtrend suddenly moves into an uptrend, it quickly resumes falling. As such, bullish traders who bought in expecting further gains become trapped and get massively liquidated.

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Nonetheless, popular crypto analyst Ali has fueled hopes for a potential price breakout for XRP in a recent X post. The analyst shared a chart suggesting that XRP might be forming an inverse head and shoulders pattern.

While XRP’s next price action remains uncertain, the pattern projected by the token has set the stage for a potential breakout toward $2.60.

With investor confidence still intact, market analysts have continued to keep a close eye on XRP price moves to hedge against potential downtrends that could catch them off guard.