Crypto Express

08/09 14:02

XRP short traders suffer $281K in liquidation

As per CoinGlass data, traders betting short on XRP saw $281,180 wiped out in 60 minutes, up by 54,781% in liquidation. This loss was triggered as XRP climbed from $3.21 amid prevailing bullish sentiments to $3.36. The price gain forced position closures, contributing to the massive hourly bloodbath.

As of this writing, XRP was changing hands at $3.34, showing a 0.83% increase in the last 24 hours. Despite the price increase, there is a significant dip in trading volume by 37.95% to $7.35 billion within the same time frame.

The positive trends in the XRP ecosystem flow from the certainty that now trails the asset following its new regulatory clarity. With the joint dismissal of the Securities and Exchange Commission (SEC) and Ripple appeals, stakeholders are now confident to invest.

The asset is gaining institutional interest, with some firms already revealing that they own XRP in their treasury. Market participants consider this a positive signal for the coin in the long run.

However, in spite of the optimism, traders who bet long on XRP also recorded some losses in the last hour. A total of $67,910 was wiped out amid the liquidation imbalance.

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