During the turbulent times for cryptocurrencies, XRP has become a center of interest and has seen a dramatic spike in the number of liquidated positions within a short time frame. Lately, there has been an unprecedented rise in the process of closing losing positions in XRP as the wider crypto market struggles with significant losses.
In the past four hours, data from CoinGlass shows a startling increase in XRP position liquidations, reaching a total of $986,530. The startling fact is that 99.38% of these liquidations were long positions being closed, suggesting a massive shift away from bullish sentiment towards XRP. The selling pressure grew even stronger within the last hour, resulting in a sudden surge of 1,868%, or $933.73 worth of liquidations.
Examining the data more closely reveals a troubling pattern. In just 12 hours, the number of liquidations jumped to an astonishing $1.61 million, while short positions were responsible for only a small fraction of this total, at $166,420.
Over the course of a day, XRP derivative liquidations amounted to an impressive $2.73 million. Notably, 90.5% of these liquidations were long positions, while only 9.5% were short positions. This data portrays a challenging situation for XRP buyers, who experienced substantial losses within the previous 24 hours.
At the same time, XRP‘s price moves have mirrored the market’s chaotic movements. After a day of bullish trends, XRP suddenly dropped by 3.31%, bringing its value down to $0.587. This seemingly small decrease triggered nearly a million dollars in liquidations within an hour.
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2024-04-10 18:19