Crypto Liquidations Hits $588M Amidst XRP, Bitcoin and DOGE Volatility.
Crypto liquidations have touched $588 million as XRP saw an unprecedented price rally which took it to a 7-year high at $2.82 yesterday.
After the price correction, Ripple's XRP still traded at $2.40. This resulted in a liquidation storm in XRP, Bitcoin (BTC) and Dogecoin (DOGE) where Ripple's asset was leading the liquidations chart.
Both long and short positions of XRP went into liquidations which went over $90 million in 24 hours, making it the top single asset for liquidations during that time. Generally, Bitcoin rules the liquidations list but this time XRP has made it a surprise move.
The XRP price swing yesterday made short and long position liquidations even on the chain. While $44 million long positions were liquidated, $46 million short positions were zapped in the process.
Many individual short positions worth $2.4 million to $2.6 million on the OKX crypto exchange were liquidated yesterday, leading to XRP trade at $2.56 with a 6% decline in the 24- hour window frame.
XRP is followed by Bitcoin, the usual leader in the liquidations chart. BTC saw $81 million liquidations which was followed by Ethereum's $49 million and Dogecoin's $22.5 million.
However, Bitcoin, DOGE and ETH had more long positions liquidated than short positions as their price dipped over the South Korean emergency news.
In total, $588 million in crypto
liquidations happened yesterday with
the largest liquidation being $15
million in Bitcoin short positions on the
OKX crypto exchange. All three coins
XRP, Bitcoin and Dogecoin went
through a price shock yesterday as
South Korean President Yoon Suk Yeol declared martial law over an apparent
conflict with the opposing party in the
country. The price dipped the most in
the South Korean crypto exchange
Upbit more than other platforms.
