Binance witnesses $18.8 million worth of XRP being liquidated within a day, indicating a high presence of short sellers.
Catch the Latest Crypto Sell-Off: Bybit Tops $7.25M XRP Liquidations
- The Split in XRP Liquidations
The crypto world witnessed a whopping $18.8 million in XRP liquidations across major exchanges in the past 24 hours, as per data from Coinglass. This surge comes during uncertain times in the crypto market, with shifting sentiments and regulatory changes[1].
During times of extreme price volatility, liquidations occur, as markets move against leveraged positions. It's worth noting that in this case, XRP buyers and sellers have been hit almost equally, with $9.8 million in short positions and $9.01 million in long positions being wiped out[1].
From Ripple to Ethereum: The Crypto Scene- Ripple Faces SEC Commissioner's Scrutiny: Details- Ripple President Shares Stablecoin Insight: Reveals- Whales Go Crazy Buying ETH: Latest Trend- Samson Mow's Trillion Dollar Bitcoin Warning: Unveiling
Bybit Lands Top Spot in XRP Liquidations
Bybit, the crypto platform, recorded the largest XRP liquidations, totaling $7.28 million. A close examination reveals $2.58 million coming from short positions, while $4.7 million was from long positions[1]. Binance came in second, registering total liquidations of $7.08 million. Interestingly, 73.5% of these liquidations occurred on Binance from short positions, indicating a significant number of traders counting against XRP's price climb[1].
Smaller exchanges like CoinEx, Gate.io, and HTX, and niche derivatives platforms such as Bitfinex and BitMEX also experienced liquidations, proving the marketwide sell-offs were not confined to top-tier platforms. These platforms experienced smaller liquidation amounts but were still impacted by the market's volatility.
The Divide in XRP Liquidations
As the market volatility continues, it becomes clear that the bias surrounding XRP remains divided. However, the high proportion of short liquidations on Binance points to a momentum that led to a quick price rally, pushing short traders to cover their positions, further driving prices higher temporarily[1].
In the midst of the market's movements, investors and regulators are keeping a watchful eye on XRP's performance. For instance, it was recently reported that Ripple Labs and the U.S. Securities and Exchange Commission (SEC) may have reached a significant agreement in their ongoing legal battle[2].
[1] Data Sources: Coinglass[2] U.Today Report: Significant Agreement Reached in Ripple vs SEC Legal Battle?
Enrichment Data: OverallThe past 24 hours have seen $18.8 million in XRP liquidations across leading cryptocurrency exchanges due to volatile market conditions and uncertainties. Not surprisingly, as price swings increase, both long and short position traders face forced trade closures. In specific, the split in liquidations was nearly even, with short and long positions affected almost equally ($9.8 million short positions and $9.01 million long positions)[1].
The platforms with the highest XRP liquidations were:- Bybit: With a total liquidation of $7.28 million, $2.58 million of it being from short positions, and $4.7 million being from long positions[1].- Binance: Following closely with $7.08 million in total liquidations, with 73.5% of its liquidated positions being shorts[1].- OKX: Registered total liquidations of $2.8 million, mainly impacting long positions[1].
These liquidations mirror the wider market sentiment and the ongoing struggle of XRP to find a clear path amidst regulatory and market developments.
- The crypto market, beset by volatile conditions and regulatory uncertainties, recorded $18.8 million in XRP liquidations across major exchanges in the past 24 hours.
- The split in liquidations was nearly even, with $9.8 million in short positions and $9.01 million in long positions being affected.
- Bybit, a renowned crypto platform, registered the largest XRP liquidations, totaling $7.28 million, with a significant chunk coming from both short positions and long positions.
- Binance, another major player, followed closely with $7.08 million in total liquidations, predominantly affecting short positions.
- As market volatility continues, the bias surrounding XRP remains divided, indicating a significant number of traders on both sides of the XRP market.
- The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is being closely watched by investors, with reports of a potential significant agreement.
- Amidst the market's movements and regulatory developments, technology continues to play a crucial role in the world of finance and investing, as innovative offerings like stablecoins and initial coin offerings (ICO) reshape the cryptocurrency landscape.
