XRP Market Records Biggest Long Liquidation Figure as Price Retests Lows Last Seen in Early August
- WBOYOriginal
- 2024-09-07 18:29:14891browse
The crypto market crash came shortly after the bloodbath witnessed in the U.S. stock market. Notably, XRP did not escape the market collapse.
The XRP market recorded its biggest long liquidation figure yesterday as prices retested a low last seen in early August.
Yesterday, the broader crypto market experienced a sharp decline, with most assets revisiting monthly lows. For example, Bitcoin (BTC) fell to its Aug.5 support at $52,546. Despite recovering back above $53,000, BTC closed the day with a 3.92% drop, marking its biggest intraday loss this month.
The crypto market crash followed a bloodbath witnessed in the U.S. stock market. Notably, XRP was not spared the market meltdown, posting similar losses but showing resilience at the $0.50 psychological support level.
XRP dropped to a low of $0.5026 yesterday, which it last saw on Aug.7, before eventually recovering. However, this crash was enough to trigger the largest cumulative long liquidation amount in the XRP futures market within a month.
XRP Witnesses Long Liquidations
To put things into perspective, yesterday, long XRP traders saw liquidations amounting to $3.58 million, according to Coinglass data. The last time the market saw a comparable figure was on Aug.7, the day of the final judgment in the Ripple lawsuit. Of the $3.58 million, Binance recorded $1.82 million in liquidations, accounting for 50.8%.
Bybit, on the other hand, saw the second-largest liquidation figure, with a total of $863,510 in long positions. On OKX, long traders lost $550,090 to liquidations, while CoinEX recorded $164,470.
In total, over the past 24 hours, overall liquidations have hit $4.22 million, with the $3.58 million attributed to long positions, comprising 84.8% of this figure. For short traders, liquidations amounted to $636,450, which could be a result of XRP’s recovery from the $0.5026 low.
As XRP crashed yesterday, several commentators linked it to possible selloffs triggered by news that Ripple Chairman Chris Larsen is backing Kamala Harris in the upcoming U.S. presidential election. The Ripple co-founder joined 87 other business executives to endorse Harris.
However, market data seems to refute the theory that XRP’s drop was due to selloffs from this news. From Sept.5 to 6, the total crypto market cap crashed 6.42%, dropping below the $1.9 trillion level. This suggests that the bearish trend in the XRP market was a result of the broader crypto market downturn.
To further support this claim, XRP has recovered by 1.34% this morning, trading at $0.5281, as the total crypto market cap rises by 0.74%. Notably, XRP’s trading volume has also spiked by 108% to $1.50 billion as traders reenter the market following the bloodbath. According to the data, there seems to be a buildup of long positions once again.
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