Fear Grips XRP Market As Liquidations Top $6 Million – Details

Fear Grips XRP Market As Liquidations Top $6 Million – Details


The cryptocurrency market continues to feel the tremors of a brutal April Fools’ Day price crash, with XRP taking a significant hit. In the last 24 hours, a staggering $6 million in XRP contracts were liquidated, according to Coinglass data. This liquidation frenzy can be attributed to the sharp price decline experienced by XRP on April 1st.

The new month began with XRP trading around $0.61. However, a domino effect triggered by Bitcoin’s plunge below $67,000 sent shockwaves through the market, dragging down XRP along with other major cryptocurrencies.

Looking deeper into the liquidation data, a clear trend emerges. A whopping $5.6 million of the liquidated contracts were long positions, indicating that traders who bet on XRP’s price increasing were forced out

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