Traders Lock in Profits as XRP Fall

In the aftermath of an impressive price surge that propelled XRP and other altcoins to new heights, traders are now faced with the need to secure their gains and liquidate their positions.

Over the past 24 hours, $XRP experienced a notable decline of 13%, which subsequently extended to a total fall of approximately 17%.

Prominent Chinese crypto journalist and blogger, Colin Wu, revealed this development in a recent tweet, citing data provided by #CoinGlass.

Major Altcoins Experience Sharp Price Falls

As traders began to close their positions, a staggering $218 million worth of crypto assets were #liquidated , resulting in significant price drops across several major altcoins.

Among the affected cryptocurrencies were $ADA , $LTC, $XLM, $MKR, $FTM, and BSV.

Notably, a significant portion of the liquidated amount, approximately $160 million, constituted long positions in these coins.

XRP’s Price Surge and the Verdict on its Security Status

The price of $XRP had previously skyrocketed by approximately 100% following a verdict delivered by Judge Analisa Torres.

The ruling stated that XRP should not be classified as a security, contrary to the position maintained by the U.S. Securities and Exchange Commission (SEC).

The court clarified that only #XRP sold by Ripple directly to financial institutions would be deemed securities, while programmatic sales and other sales made by Ripple would not fall under this classification.

In light of the court ruling, the community is now contemplating whether Ripple’s ODL (On-Demand Liquidity) sales and the release of XRP from escrow should be considered securities as well.

In response to this question, Ripple’s Chief Technology Officer, David Schwartz, took to Twitter, stating that the company’s legal team is actively investigating the matter.

The outcome of this assessment will likely have significant implications for Ripple and the broader crypto industry.

XRP Shows Signs of Recovery

Following the recent price decline, XRP has managed to recover nearly 6% of its value.

At present, the cryptocurrency is trading at $0.72193.

The market remains eagerly attentive to developments surrounding XRP’s security status and any potential impact on its price trajectory.

Read all article at: https://perseuscrypto.com/crypto-news/218-million-worth-of-xrp-xlm-ada-liquidated/