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A sudden market shakeout has triggered a massive liquidation event on XRP, with short positions getting wiped out at an unbelievable rate. In just one hour, the altcoin futures market saw liquidations jump by 846%, driven by a huge wave of long bets that were erased as the price dipped briefly, then bounced right back.
The liquidation heatmap by CoinGlass shows that there was over $783,000 in long liquidations versus just $93,000 in short ones, and all of that happened in a single hour. That is not just a market correction; it is a total clean sweep.
The fast rise in leveraged bets, followed by a sudden reversal, suggests that either a bot-driven flush or stop hunt is happening in thin liquidity conditions.
XRP's price action is all over the place, reflecting the chaos. On the 15-minute chart, candles showed a quick dip to $2.2885 but then bounced right back above $2.295. Things were a bit all over the place, but it was not totally random.
Looking at the big picture, XRP's total 24-hour liquidations added up to $2.49 million, while shorts were just under $4.29 million. Thus, it looks like long traders took most of the hit in the hourly carnage.
This news comes at a bad time, with the market dealing with some surprising labor data from the U.S. The June jobs report was better than expected, so it looks like a rate cut from the Fed is not going to happen anytime soon. That alone made investors a bit nervous, and XRP holders felt it right away.
Vladislav Sopov
U.Today Editorial Team