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.
MarketCap During the period under review, the price of XRP collapsed by more than 16%, reaching a local low of $2.17. However, it managed to recover part of the decline during today’s trading session, recovering by more than 11%. Related
Right now, the XRP price chart and the general situation surrounding it look like a popular meme and make you wonder: is it over? That remains an open question, but one thing is certain – the market will continue to push away traders who can’t manage their risk well.
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