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There was a massive 1,455% gap between liquidated long and short positions on the XRP perpetual futures market in just one hour. Data from CoinGlass puts the total liquidation in that short period at $920,000.
But the real shock? Almost all of it - 93.4% - came from long positions. That is, about $860,000 was wiped out, leaving only $60,000 tied to shorts.
Arman ShirinyanEven more striking is the fact that XRP did not experience a big price collapse. It only dropped 2.7%. Nothing too wild. But traders were feeling pretty bullish after a 3% gain and went all-in on the long side. But then, in the blink of an eye, everything changed, and those bets started to fall apart.
This was not just a problem for XRP. The entire crypto market felt the pressure. In just one hour, a whopping $27.7 million in positions were wiped out. That is over 10% of the total liquidation over the last 24 hours. Long traders were hit the hardest, with losses of $24.41 million, far exceeding the $3.51 million in losses from short positions.
Why did this happen?
XRP's chart had been sending bullish signals, reinforcing a trader's bias to go long. But the balance shifted as momentum slowed, and what seemed like a solid strategy quickly unraveled. Sentiment alone was not enough to keep prices afloat.
Alex DovbnyaThis kind of setup raises questions. Is going long on XRP still a smart move? Right now, the numbers say no. It looks like every time there is a chance for a bounce, there is just more selling. If buyers keep pushing, but the market is not ready to turn, XRP could continue to slide until the pressure finally eases.
Tomiwabold Olajide
Godfrey Benjamin
Dan Burgin
Vladislav Sopov