A massive 1,455% gap between liquidated long and short positions on the XRP perpetual futures market occurred in just one hour, with total liquidation reaching $920,000. Data shows that 93.4% of the losses came from long positions, wiping out around $860,000. Meanwhile, only $60,000 was tied to shorts.
The price of XRP dropped by 2.7%, despite initial bullish sentiment after a 3% gain. Traders who went all-in on the long side saw their bets collapse in an instant, leading to significant losses.
This event had a ripple effect on the entire crypto market, with $27.7 million in positions being wiped out in just one hour. Long traders suffered the most, losing $24.41 million, compared to short positions’ losses of $3.51 million.
The reason behind this massive liquidation lies in XRP’s chart, which sent bullish signals despite a shift in momentum. Sentiment alone couldn’t keep prices afloat as the market experienced a rapid collapse.
This raises questions about going long on XRP: is it still a smart move? With every bounce, there’s more selling pressure, suggesting that buyers may need to be patient for the market to turn around. If sellers continue to push, XRP could slide further until the pressure eases.
Source: https://u.today/1455-liquidation-imbalance-stuns-xrp-bulls-in-just-one-hour