Over the past 24 hours, the cryptocurrency market was hit by a tsunami of liquidations, which took away almost $800 million in traders' positions. Diving deeper into the data from CoinGlass, it is apparent that most of them, namely, almost 84% of them, came from long positions. In addition, one of the highlights of the past large-scale destruction of traders is the situation with trading on derivatives on XRP, the third largest cryptocurrency right now.
Over the past 24 hours, $30.75 million worth of long positions and $10.94 million worth of short positions were liquidated in the trading of perpetual futures on XRP. At the same time, a surge in liquidations by bearish-minded traders occurred only in the last hour, and before that, the imbalance in liquidations reached more than 1,000%.
As a result, right now, XRP is at the top of the market in terms of liquidations, which on the one hand demonstrates increased interest in the cryptocurrency as a trading instrument, and on the other hand displays its price trends.
For the period under review, the price of XRP collapsed by more than 16%, reaching a local bottom at $2.17. However, it further managed to regain part of the fall during today's trading session, recovering by more than 11%.
Right now, the XRP price chart and the overall situation around it literally look like a popular meme and make you wonder: is it over? It remains an open question, but one thing is certain - the market will continue to dump traders ineptly managing risk.
