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Crypto liquidations have touched $588 million as <a href="https://yellow.com/asset/xrp">XRP</a> saw an unprecedented price rally which took it to a 7-year high at $2.82 yesterday. After the price correction, Ripple’s XRP still traded at $2.40. This resulted in a <a href="https://decrypt.co/294581/xrp-bitcoin-dogecoin-crypto-liquidations">liquidation storm</a> in XRP, Bitcoin (<a href="https://yellow.com/asset/btc">BTC</a>) and Dogecoin (<a href="https://yellow.com/asset/doge">DOGE</a>) where Ripple’s asset was leading the liquidations chart. 
Both long and short positions of XRP went into liquidations which went over $90 million in 24 hours, making it the top single asset for liquidations during that time. Generally, Bitcoin rules the liquidations list but this time XRP has made it a surprise move. 
The XRP price swing yesterday made short and long position liquidations even on the chain. While $44 million long positions were liquidated, $46 million short positions were zapped in the process. 
Many individual short positions worth $2.4 million to $2.6 million on the OKX crypto exchange were liquidated yesterday, leading to XRP trade at $2.56 with a 6% decline in the 24-hour window frame. 
XRP is followed by Bitcoin, the usual leader in the liquidations chart. BTC saw $81 million liquidations which was followed by Ethereum’s $49 million and Dogecoin's $22.5 million. However, Bitcoin, DOGE and ETH had more long positions liquidated than short positions as their price dipped over the South Korean emergency news. 
In total, $588 million in crypto liquidations happened yesterday with the largest liquidation being $15 million in Bitcoin short positions on the OKX crypto exchange. All three coins XRP, Bitcoin and Dogecoin went through a price shock yesterday as South Korean President Yoon Suk Yeol declared martial law over an apparent conflict with the opposing party in the country. The price dipped the most in the South Korean crypto exchange Upbit more than other platforms. 
At the time of writing, Bitcoin was up 1.42% as it traded at $96750 with an 8.39% decline in its trading volume which stood at $69.23 billion while the market cap rose to $1.91 trillion. XRP on the other hand was down 0.64% to trade at $2.62 while its trading volume saw a 7% decline to touch $39.11 billion and the market cap decreased to $149.62 billion. Meanwhile, DOGE was trading at $0.418, down 0.20% in the last 24 hours with a 2.54% spike in its trading volume which was at $9.20 billion and the market cap declined to $61.48 billion.

Crypto Liquidations Hits $588M Amidst XRP, Bitcoin and DOGE Volatility

Yellow News

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