🚨 Massive Liquidations Rock Crypto Market 🚨

According to U.Today, the cryptocurrency market just witnessed a major shakeup, with CoinGlass data showing close to $50 million in liquidations within a single hour. This isn't entirely surprising due to crypto's well-known volatility, but what's striking is that a massive 94.67% of these liquidations were long positions in the derivatives market. 📉💼

Of these liquidations, $2.55 million were short positions, while long position liquidations hit nearly 17 times that amount. This imbalance is especially clear for certain tokens. For example, XRP saw a minimal $776.32 in short liquidations compared to a whopping $971,390 in long liquidations—a difference of 125,127.52%! 📊💥 It seems a large number of traders were betting on XRP's price rising, but despite the high volume of bullish liquidations, XRP’s price only dropped 1.6%.

For now, XRP remains a leader in liquidations, but this heavy tilt toward long positions suggests trader confidence in XRP’s upside might cool in the near term.

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