In the last 24 hours, XRP faced a sharp liquidation imbalance, leading to significant losses on short positions.
State of Liquidations for XRP
According to CoinGlass, short positions for XRP were liquidated for $28.93 million, while long positions were closed at only $10.04 million. This created an $18.89 million gap, one of the larger amounts in the market. Within just four hours, short liquidations totaled $15.36 million, more than 10 times the value of longs liquidated in the same period.
Impact on Cryptocurrency Market
XRP's price surged from around $2.92 to over $3.30 before settling at $3.24. This price rise showed a consistent trend during the Asian session and captured significant interest in the asset during the early U.S. trading hours.
Wider Market Liquidations
In the context of liquidations, Ethereum led the market with $238.44 million in overall liquidations, followed by Bitcoin at $70.98 million. Overall, about 148,000 positions were wiped out, totaling $557.7 million.
The liquidations of XRP highlight the current instability in the cryptocurrency market, where sharp price movements can lead to serious financial consequences for traders.
