XRP Outshines Solana as Long-Short Liquidation Evens Out

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As a seasoned analyst with years of market observation under my belt, I can confidently say that the current surge in the crypto ecosystem is reminiscent of a rollercoaster ride – exhilarating, unpredictable, and often leaving you on the edge of your seat. The record-breaking $3.4 billion combined market cap is a testament to the resilience and adaptability of this digital frontier.

The overall value of cryptocurrencies is hitting new records, currently standing at an impressive $3.4 billion. Yesterday, XRP surpassed its three-year high by jumping over $1.42. This surge in value led to a significant event called liquidation, where both long and short-term traders suffered losses equally.

XRP liquidation and Gensler factor

24-hour liquidations of XRP totaled approximately $27.54 million due to its price movement, as reported by CoinGlass. This amount was primarily driven by long traders who experienced liquidations worth about $13.23 million, while short traders faced a collective liquidation of around $14.31 million.

The surge in XRP can be attributed to investors feeling a sense of relief following Gary Gensler’s announcement about his upcoming departure from the chairmanship of the U.S. Securities and Exchange Commission (SEC). As the Ripple v. SEC lawsuit has been ongoing for over three years, many speculate that his departure could potentially be beneficial for the coin.

Over the course of most of the lawsuit, the price of XRP dipped as low as $0.3911 in the past year. This could appear unusual for new buyers, but it’s important to note that XRP is still more than 64% below its record high (ATH) of $3.84.

Altcoin surge

In the last day, various alternative cryptocurrencies have surged to unprecedented peak values. Among them, Solana (SOL) particularly shone as its price reached an all-time high of $263.70, following a robust 56.90% surge over the past month.

After Bitwise applied to create an Exchange-Traded Fund (ETF) that tracks Solana’s price, there was a surge in Solana’s cost. Additionally, it appears that early applicants for a Solana-focused ETF have been making progress with the market regulators.

After this remarkable streak, CoinGlass estimated that its liquidation amount was approximately $19.26 million as traders adopted a cautious stance towards the coin. The total market liquidation surpassed the $391 million mark, affecting over 116,900 traders.

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2024-11-22 13:21