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According to the latest data from CoinGlass, the past 12 hours have been very painful for traders who were bullish on XRP. According to the statistics, XRP saw $2.73 million worth of long liquidations during this period. In contrast, short liquidations, i.e., bets that XRP will fall, totaled $98,740. Thus, the imbalance between bullish and bearish liquidations was a staggering 2,764% in 12 hours.
Apparently, the misfortune of those who bet on XRP to rise in the last 12 hours is linked to the market performance of the popular cryptocurrency. In fact, the price of XRP has fallen by as much as 5.2% over the same period. What's more, in the last 20 hours, the XRP price has fallen by as much as 8.42% - a truly painful event.
Alex DovbnyaHowever, it does not fully justify such a difference, as the reasons go deeper. Since the beginning of the week, the price of XRP has soared - at one point by as much as 10.5%, creating additional bullish sentiment across the crypto space and prompting traders to open long positions.
As is often the case, the market is smarter, and those who were late to the XRP party, or did not manage their risk properly, paid a heavy price and became part of the $2.73 million liquidated bulls' squad.
Whether it is one of those healthy corrections, or the end of XRP's mini-rally in anticipation of the SEC v. Ripple ruling, is an open question. But one thing is for sure - the popular cryptocurrency remains in the spotlight and an attractive asset for traders. And that is great news, because attention is arguably the most important thing in this market.
Tomiwabold Olajide
Yuri Molchan