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The XRP derivatives market just delivered a rare number that is difficult to ignore. In just one hour, liquidation trackers of CoinGlass recorded an imbalance of 32,474% between long and short contracts, with nearly all of the losses incurred by bullish positions.
According to the data, about $1.26 million worth of long exposure was liquidated during that time, while shorts accounted for less than $3,880.
This does not mean record-breaking size, but these figures do highlight how skewed the positioning had become.
At press time, XRP itself had slipped close to $2.94, down around 5.7% for the day, sweeping lows just above $2.92.
This "mess" occurred amid a general crypto market pullback, with ETH falling by more than 6%, SOL shedding similar numbers and BTC retreating by nearly 2%. Across all assets, liquidations in the past 24 hours reached over $552 million, with Ethereum alone clearing a crazy $174 million in long exposure.
What makes XRP figure stand out
In most sessions, there is usually some balance between long and short pressure. This time, however, the offset was almost entirely one-sided, suggesting that many market participants had stacked leverage toward upside continuation without a safety net.
Once the price rolled over, the imbalance was instantly reflected in the data.
Whether this reset will fuel a short-term recovery or simply marks another step in the current correction depends on how leverage is rebuilt in the next few sessions. For now, XRP trades near the $3 mark, and its derivatives market is lighter than it was a day ago.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team