Chinese crypto journalist and blogger Colin Wu has tweeted that over the last 24 hours, after XRP plunged by 13%, traders began to liquidate their positions. Ultimately, the XRP fall extended to approximately 17%. He shared data provided by CoinGlass.
As they began to close positions, a total of $218 million worth of crypto liquidations and sharp price falls of such major altcoins as ADA, LTC, XLM, MKR, FTM, BSV were registered.
Among these liquidations, $160 million constituted long positions in those coins.
XLM has fallen by 13.5% in the last 24 hours; XRP has fallen by 13% in the last 24 hours; ADA FTM BSV LTC MKR has also fallen sharply; the amount of liquidation in 24 hours reached 218 million US dollars, and 160 million US dollars was long liquidation. https://t.co/YQ6p9AZeYG— Wu Blockchain (@WuBlockchain) July 15, 2023
XRP price peaked by roughly 100% after judge Analisa Torres announced a verdict, stating that XRP is not a security as the SEC insisted.
The court ruled that the XRP sold by Ripple to financial institutions directly are to be classified as securities. However, programmatic sales and other sales made by Ripple are not. Now, the community is pondering whether Ripple's ODL sales and XRP releases from escrow are securities as well or they are not.
Ripple CTO David Schwartz responded to that question on Twitter, saying that Ripple's legal team is looking into that issue now.
By now, the price of XRP has recovered nearly 6%, trading at $0.72193.