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Over the past 24 hours, the cryptocurrency market was hit by a tsunami of liquidations, which took away almost $800 million in traders' positions. Diving deeper into the data from<a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">CoinGlass</a>, it is apparent that most of them, namely, almost 84% of them, came from long positions. In addition, one of the highlights of the past large-scale destruction of traders is the situation with trading on derivatives on XRP, the third largest cryptocurrency right now.
Over the past 24 hours, $30.75 million worth of long positions and $10.94 million worth of short positions were liquidated in the trading of perpetual futures on<a href="https://u.today/ripple-cto-explains-why-xrp-still-matters" rel="noopener noreferrer nofollow">XRP</a>. At the same time, a surge in liquidations by bearish-minded traders occurred only in the last hour, and before that, the imbalance in liquidations reached more than 1,000%.
As a result, right now, XRP is at the top of the market in terms of liquidations, which on the one hand demonstrates increased interest in the cryptocurrency as a trading instrument, and on the other hand displays its price trends. <img src="https://u.today/sites/default/files/inline-images/xrpprice_20.png" data-entity-uuid="9910aef9-5d6c-476d-8268-9794f9c1a965" data-entity-type="file" alt="&quot;&quot;" data-caption="XRP to USD by <a href=&quot;https://coinmarketcap.com/currencies/xrp/&quot;>CoinMarketCap</a>">
For the period under review, the<a href="https://u.today/ripple-president-sheds-key-light-on-rlusd-days-after-launch" rel="noopener noreferrer nofollow">price of XRP</a> collapsed by more than 16%, reaching a local bottom at $2.17. However, it further managed to regain part of the fall during today's trading session, recovering by more than 11%.
Right now, the<a href="https://u.today/xrp-price-chart-stays-hilarious-says-expert-trader-what-does-it-mean" rel="noopener noreferrer nofollow">XRP price</a> chart and the overall situation around it literally look like a popular meme and make you wonder: is it over? It remains an open question, but one thing is certain - the market will continue to dump traders ineptly managing risk. <a href="https://u.today/782-million-liquidation-tsunami-punishes-xrp-bulls-bottom-hit" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

$782 Million Liquidation Tsunami Punishes XRP Bulls: Bottom Hit?

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