XRP, DOGE and PEPE Take Special Hit as Liquidation Tops $289 Million

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market volatility and liquidation events. However, the current situation in the cryptocurrency market is particularly intriguing, given the massive liquidations across popular altcoins like XRP, DOGE, and PEPE.

At present, the cryptocurrency sector is grappling with significant selling off or liquidation, and various alternative coins such as XRP, DOGE, and PEPE are right at the heart of this situation. According to CoinGlass, a staggering 88,388 traders have experienced liquidations on their crypto assets over the past day.

In summary, they’ve accumulated over $290 million in total liquidations, with the biggest individual transaction originating from the HTX platform.

Millions in XRP, DOGE and PEPE exit crypto exchanges

Within the given period, a total of $6.18 million in XRP was forcibly sold due to market conditions. More specifically, traders who had bought XRP on a long-term basis (worth $4.94 million) and those who had sold it with the expectation of a decrease (short positions worth $1.24 million) were compelled to liquidate their holdings. Meanwhile, Dogecoin (DOGE) saw liquidation amounting to $3.65 million. This included $2.95 million from long position holders and $698,480 from short position holders.

Approximately 2.85 million dollars’ worth of the cryptocurrency PEPE were withdrawn from exchanges over the past day. This included about 1.86 million dollars’ worth taken out by long positions, and around 967,980 dollars’ worth withdrawn by short positions. Meanwhile, Bitcoin and Ethereum, two major cryptocurrencies by market capitalization, experienced liquidation totalling $88.01 million and $80.23 million respectively.

It’s clear that crypto liquidations are increasingly common, with a large portion originating from Binance.

Ripple releases 500 million XRP from escrow

The news emerged concurrently with Ripple announcing another 500 million XRP from their escrow. It’s worth mentioning that this San Francisco-based blockchain payments company previously transferred around a billion XRP tokens from the same source in just two days. This most recent withdrawal, equivalent to $281,693,718 at that moment, is an augmentation to their existing escrow holdings.

For the past seven years, Ripple has maintained a practice of making XRP available on the market by releasing it from escrow, ensuring sufficient liquidity for the cryptocurrency. At present, their blockchain-based payment platform holds approximately 4.682 billion XRP within its digital wallets.

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2024-08-03 17:08