The XRP market has recorded unprecedented levels of liquidation that have led to significant shifts in trading balance.
Analysis of Liquidation in XRP Market
In a single hour, liquidations on the XRP market reached an unprecedented level previously unseen. The liquidation tracker on [CoinGlass](https://www.coinglass.com/currencies/XRP) showed a 101,445% imbalance between long and short positions. During this time, the liquidation of long positions amounted to $4.21 million, while short positions barely reached $4,150, demonstrating a sharp shift towards bullish positions.
Overall State of the Crypto Market
Over the past 24 hours, the crypto market has seen over $475 million liquidated. Ethereum lost $10.81 million, Bitcoin $5.81 million, and Solana $1.82 million. In total, long positions accounted for $403 million of the total liquidations, while short positions made up only $72 million.
Future of XRP and Its Market Impact
The absence of balance in the XRP market sets it apart from other cryptocurrencies. Usually, markets display a certain equilibrium between long and short positions, but in this case, almost all pressure was concentrated on the bullish side. Notably, trading volume jumped 25% to $10.22 billion, while open interest slid nearly 5% to $7.48 billion.
The record liquidations in the XRP market highlight the current instability of the cryptocurrency market. The future of XRP depends on how quickly investors return to utilizing leverage.
