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For the second time this week, the XRP derivatives market dropped a number the market has not seen before. In one single hour, the liquidation tracker by CoinGlass showed an imbalance of 101,445% between long and short positions. Unsurprisingly, almost the entire hit landed on the bullish side.
The math beyond the wipeout is brutal: $4.21 million worth of longs received margin call, and the shorts barely registered at $4,150. That is what built the unprecedented skew, not the biggest wipe in dollars, but the display of how crowded the long trade around XRP had become.
Price action did its job too. XRP headed toward $2.83 after failing multiple times to stick above $2.88, with pressure stacking up through the afternoon session.
Across the market, liquidations over the last 24 hours cleared more than $475 million. Ethereum alone erased $10.81 million in the latest wave, Bitcoin lost $5.81 million and Solana saw $1.82 million flushed out. Longs accounted for $403 million of the total, shorts just $72 million.
So bullish, it's bearish
What sets XRP apart again is the complete absence of balance. Usually, liquidation boards show some give and take between longs and shorts. Here, there was none — the market had loaded itself almost entirely on one side, and when the price rolled over, the trigger hit bulls in no time.
Derivatives data filled in the gaps. Trading volume jumped 25% to $10.22 billion, while open interest slid nearly 5% to $7.48 billion, pointing to positions being cut rather than added. Options open interest soared 55% to $660,000, suggesting players are moving into hedges now that volatility has snapped back.
Whether this rare imbalance turns into a short-term reset or just another leg in August’s correction will be decided by how fast leverage creeps back in.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team