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The XRP price is on a bullish tear, surging more than 2.5% over the past day. However, on the hourly chart, XRP experienced abnormal liquidations on crypto derivatives platforms.
XRP long traders record huge losses
According to CoinGlass data, total XRP liquidations over the past hour totaled $803,388.84. Surprisingly, long traders experienced almost the entire concentration of liquidation volume.
Long position holders saw liquidations reaching $803,170, while shorts came in at $218.84. This variation translated to a liquidation imbalance of 366,941%. Simply explained, investors who bet on short positions experienced minimal losses compared to long holders.
The sell-off occurred while XRP moved from a local dip of $3.10 to reclaim the $3.20 level. As of press time, the XRP price was trading at $3.26, up 2.56% over the past day, according to CoinMarketCap data.
Additionally, the daily trading volume increased by 62.7% to $6.6 billion. This spike suggests investors are interested in accumulating the coin, with potential for further rallies.
Spike in XRP whale activity
The latest rally in the XRP price comes amid rising activity from whale investors. As reported by U.Today, a mysterious whale opened a massive 5,175,112 position on XRP.
The whale entered three positions in a row at around $3.20 on Hyperliquid, totaling $16.62 million, with 2x isolated leverage.
Before this transaction, blockchain data tracker Whale Alert spotted over $53.4 million worth of XRP transferred to Coinbase.
The transfer comes amid cautious market sentiment and low volumes for XRP. The coin experienced a mixed performance over the last week, attempting to stabilize after a price drop.
Popular on-chain analyst Ali Martinez noted that whales purchased XRP at a dip, accumulating over 130 million XRP within a 24-hour period.
Vladislav Sopov
U.Today Editorial Team