In a roller coaster ride for the crypto market, XRP, one of the most popular cryptocurrencies, has experienced a tumultuous few days. The stress was palpable across the board, as assets, traders and enthusiasts witnessed a sea of red.
Beginning this unsettling trend on Wednesday, the price of XRP has plummeted by more than 5.7%, slipping below the $0.55 mark where it currently hovers.
The most significant blow occurred within the past 24 hours, witnessing a rapid 4.47% drop in the XRP price. This sharp decline led to the natural liquidation of a substantial number of traders' positions in XRP. The aftermath of this market turmoil was beyond expectations, with CoinGlass reporting a staggering $2.47 million worth of XRP positions liquidated in the past 24 hours.
The catch
What sets this apart is the revelation that $2.43 million of these liquidated positions were long positions — essentially bets on the token's growth, marking a 6.880% increase compared to the liquidations of short positions in dollar terms.
XRP, amid this financial bloodbath, claimed a prominent position on the list of liquidated assets, trailing only behind crypto giants like Bitcoin (BTC) and Ethereum (ETH). Notably, it also yielded to some actively discussed assets like MANTA and SUI.
The total fallout from this market mayhem reveals that positions worth almost a quarter of a billion dollars were liquidated during this period, with an overwhelming 84.9% of these being long positions.