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The August crypto rally just hit its first real pocket of turbulence, and XRP holders felt the sting. Over the past 24 hours, liquidation data shows a staggering 7,676% imbalance between long and short positions on XRP — with more than $2.61 million in longs wiped out, while short liquidations barely scratched $34,130, according to CoinGlass.
That kind of gap does not happen without structural overexposure. From a price perspective, XRP slipped 2.94% to $2.97, and the one-minute chart captured the damage in real-time — an accelerated sell-off from $3.04 down toward $2.97 flipped several support levels in minutes.
What makes this episode stand out is how cleanly one-sided the pressure was. While BTC and ETH had their share of long liquidations too — $40.39 million and $70.76 million, respectively — they at least saw shorts getting hit along the way.
XRP’s flush, in contrast, looked more like a domino chain of long-only leverage collapsing under its own weight.
Is XRP crowded trade?
No matter if you zoom in on the one-hour or go for the four-hour view, the liquidation logs show longs taking one hit after another, with barely any resistance from the other side. When there is that kind of imbalance, it usually means that either people have run out of positive ideas, or the market has become too crowded too quickly.
XRP is still holding strong for now, but this event makes it clear that the market might still be looking for some upside, and it is not going to give it without a fight. The rally may not be over — it is just showing who is overleveraged.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team