Cardano

Solana

Million

<figure> 
 <figcaption>
  Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<p dir="ltr">XRP, the cryptocurrency associated with Ripple Labs Inc., is among the top cryptocurrencies faced with high liquidations amid a current market downturn. Data from&nbsp;<a href="https://www.coinglass.com/LiquidationData">CoinGlass</a> shows 24.2 million XRP traders have suffered severe liquidations, leaving questions as to what’s happening with the digital asset.</p>
<h2 id="xrp-s-exodus-from-exchanges">XRP’s exodus from exchanges</h2>
<p dir="ltr">According to the data, XRP’s liquidation during the 24-hour time frame was worth approximately $11.4 million.&nbsp;</p>
<p dir="ltr">Traders holding long positions contributed to the total liquidation with $10.21 million, while short traders accounted for $1.2 million. The long positions being higher than the shorts indicate a sharp drop in prices, forcing traders to sell their digital assets.</p>
<p dir="ltr">Meanwhile, the cumulative market liquidations amounted to over $1 billion, with a large percentage recorded from the popular Binance exchange. Bitcoin (BTC) and Ethereum (BTC), the world’s largest digital assets, experienced liquidations worth $387.27 million and $358.32 million, respectively. Altcoins like Cardano (ADA) and Solana (SOL) also registered liquidations of $4.2 million and $62.35 million, respectively.</p>
<h2 id="current-state-of-xrp">Current state of XRP&nbsp;</h2>
<p dir="ltr">XRP has been experiencing sideways movements for quite a while, wiping out any gains made in over two weeks. As of this writing, XRP is down 18.05% on the daily chart, with its price set at $0.488. However, the trading volume experienced an increase of 213.9% to $3.2 billion, suggesting renewed investors’ interest.</p>
<p dir="ltr">The sharp drop in XRP’s value comes amid expectations of the conclusion in the ongoing&nbsp;<a href="https://u.today/ripple-reveals-impressive-q1-xrp-growth-in-new-report">Ripple</a> v. SEC case.&nbsp;</p>
<p dir="ltr"><a href="https://u.today/opinions/xrp-price-sell-off-what-to-expect-this-week">U.Today</a> mentioned in an earlier report that a closed-door meeting between both parties was canceled unexpectedly, causing the case to stall. The community is now anxious, wondering what effect the delayed case could have on XRP’s future trajectory.</p>
<p dir="ltr">Moreover, the liquidations also coincide with the&nbsp;<a href="https://u.today/massive-500-million-xrp-unlocked-by-ripple-as-xrp-gains-556">release</a> of 500 million XRP from escrow. Ripple consistently performs periodic escrow XRP releases to support the coin’s market liquidity.</p>

24.2 Million XRP in 24 Hours, What's Happening?

Table of Contents

U_Today

Other articles published on Aug 5, 2024

Best Crypto Friendly Banks Across the World

Bitcoin Dump Liquidates $1,000,000,000 As BTC Investors Join New Cryptocurrency

Zoth Raises $4 Million to its Expand Blockchain-Based Fixed-Income Product Offerings

BTC vs MPEPE: Top Analysts Compare Profit Potential Between Bitcoin (BTC) & New Cryptocurrency

Popcat Price Prediction: POPCAT Tops Meme Coin Losers With 38% Slump, But This Pepe Derivative Ro...

Bitfinex: Bitcoin may restest $48.9k support

Join our free newsletter for daily crypto updates!