$218 Million USD in XRP, XLM, ADA Liquidated as XRP Falls 17%

Chinese cryptocurrency blogger and journalist Colin Wu tweeted that after XRP’s 13% decline over the past 24 hours, traders started to sell their positions. In the end, the decline in XRP reached almost 17%. He gave information from CoinGlass.

As they started to close positions, severe price drops of well-known cryptocurrencies including ADA, LTC, XLM, MKR, FTM, and BSV totaled $218 million in total.

Among these liquidations, long bets in those coins totaled $160 million.

XLM has fallen by 13.5% in the last 24 hours; XRP has fallen by 13% in the last 24 hours; ADA FTM BSV LTC MKR has also fallen sharply; the amount of liquidation in 24 hours reached 218 million US dollars, and 160 million US dollars was long liquidation. https://t.co/YQ6p9AZeYG

— Wu Blockchain (@WuBlockchain) July 15, 2023

After judge Analisa Torres declared her decision that XRP is not a security as the SEC argued, the price of XRP reached a height of around 100%.

The court decided that the XRP that Ripple directly sold to financial institutions should be categorised as securities. However, Ripple’s programmatic sales and other sales are not. The community is now debating whether or not Ripple’s ODL sales and XRP releases from escrow qualify as securities.

Ripple CTO David Schwartz replied to the query on Twitter by stating that the company’s legal department is now looking into the matter.

Now trading at $0.72193, the price of XRP has nearly recouped 6%.