XRP Witnesses Tumultuous Days as $2.47 Million Worth of Positions Liquidated, Longs Bear the Brunt

XRP undergoes a tumultuous period, witnessing a 5.7% price drop and slipping below the $0.55 mark.
In the past 24 hours, a rapid 4.47% decline in XRP price leads to the liquidation of $2.47 million worth of positions.

In a tumultuous ride for the crypto market, XRP, a prominent cryptocurrency, has encountered a series of challenging days, leaving assets, traders, and enthusiasts amidst a sea of red.

Initiating this unsettling trend on Wednesday, the price of XRP plummeted by more than 5.7%, falling below the $0.55 mark, where it currently hovers. The most significant blow occurred within the past 24 hours, witnessing a rapid 4.47% drop in the XRP price. This sharp decline triggered the natural liquidation of a substantial number of traders’ positions in XRP.

Financial Fallout: Longs Take the Hit

The aftermath of this market turmoil surpassed expectations, with CoinGlass reporting a staggering $2.47 million worth of XRP positions liquidated in the past 24 hours. What distinguishes this event is the revelation that $2.43 million of these liquidated positions were long positions—essentially bets on the token’s growth. This marks a 6.88% increase compared to the liquidations of short positions in dollar terms.

XRP, amid this financial bloodbath, claimed a prominent position on the list of liquidated assets, trailing only behind crypto giants like Bitcoin (BTC) and Ethereum (ETH). Notably, it also yielded to some actively discussed assets like MANTA and SUI.

The total fallout from this market mayhem reveals that positions worth almost a quarter of a billion dollars were liquidated during this period, with an overwhelming 84.9% of these being long positions.