#MarketCorrectionBuyOrHODL $782M Liquidation Tsunami Punishes XRP Rally: Has It Bottomed Out?đâ
Over the past 24 hours, the cryptocurrency market has been hit by a tsunami of liquidations, which has wiped out nearly $800 million worth of trader positions. Digging deeper into CoinGlass data, it becomes clear that most of them, nearly 84%, came from long positions. Additionally, one of the most notable instances of large-scale trader destruction in the past is the situation with derivatives trading on XRP, the third-largest cryptocurrency at the moment.
Over the past 24 hours, $30.75 million worth of long positions and $10.94 million worth of short positions were liquidated in XRP perpetual futures trading. At the same time, the surge in liquidations by bearish traders occurred only in the last hour, and before that, the liquidation imbalance reached more than 1000%.
As a result, XRP currently occupies the top spot in the market in terms of liquidation, which on the one hand demonstrates the growing interest in the cryptocurrency as a trading instrument, and on the other hand shows its price trends.
