Crypto Liquidations Hits $588M Amidst XRP, Bitcoin and DOGE Volatility

Crypto liquidations have touched $588 million as XRP saw an unprecedented price rally which took it to a 7-year high at $2.82 yesterday. After the price correction, Ripple’s XRP still traded at $2.40. This resulted in a liquidation storm in XRP, Bitcoin (BTC) and Dogecoin (DOGE) where Ripple’s asset was leading the liquidations chart.

Both long and short positions of XRP went into liquidations which went over $90 million in 24 hours, making it the top single asset for liquidations during that time. Generally, Bitcoin rules the liquidations list but this time XRP has made it a surprise move.

The XRP price swing yesterday made short and long position liquidations even on the chain. While $44 million long positions were liquidated, $46 million short positions were zapped in the process.

Many individual short positions worth $2.4 million to $2.6 million on the OKX crypto exchange were liquidated yesterday, leading to XRP trade at $2.56 with a 6% decline in the 24-hour window frame.

XRP is followed by Bitcoin, the usual leader in the liquidations chart. BTC saw $81 million liquidations which was followed by Ethereum’s $49 million and Dogecoin's $22.5 million. However, Bitcoin, DOGE and ETH had more long positions liquidated than short positions as their price dipped over the South Korean emergency news.