One of the most widely used cryptocurrencies, XRP, has had a turbulent few days on the wild ride that is the cryptocurrency market. All around, traders, enthusiasts, and assets saw a sea of red, and there was an obvious sense of panic.
The price of XRP fell more than 5.7% since Wednesday, when it started its alarming trend, and it now hangs around $0.55.
The biggest hit came in the last day or so, when the price of XRP dropped by a sharp 4.47%. Many traders’ holdings in XRP naturally liquidated as a result of this steep fall. Surprisingly, CoinGlass reports that in the last 24 hours, XRP holdings worth a whooping $2.47 million were liquidated. This market turbulence has an unexpected aftereffect.
The catch
The disclosure that $2.43 million of these liquidated positions were long positions—basically, wagers on the token’s growth—sets this apart. In terms of dollars, this is a 6.880% increase above the liquidations of short holdings.
In the midst of this financial carnage, XRP asserted a prominent place on the list of liquidated assets, behind only the industry titans Ethereum (ETH) and Bitcoin (BTC). Notably, it also produced several assets like SUI and MANTA that are now being explored.
As a result of this market chaos, positions valued at over a quarter of a billion dollars were liquidated, with long holdings accounting for an astounding 84.9% of these transactions.
