XRP Sees $18.8M in Liquidations as Volatility Grips Crypto Market

XRP traders faced a wave of liquidations totaling $18.8 million in the past 24 hours, according to Coinglass data, highlighting rising volatility and uncertainty in the crypto market. The liquidations were nearly evenly split, with $9.8 million in shorts and $9.01 million in longs wiped out—indicating confusion over XRP's short-term price direction amid shifting investor sentiment and ongoing regulatory developments.

Bybit led the liquidations, recording $7.28 million—$4.7 million from long positions and $2.58 million from shorts. Binance followed closely with $7.08 million in liquidations, 73.5% of which came from short positions. This points to a sudden XRP price rally that likely triggered a short squeeze, forcing bearish traders to cover their positions and inadvertently fueling further upward momentum. On OKX, however, long positions took the brunt, with $2.8 million in total losses, suggesting the rally's momentum may have quickly reversed or varied across platforms.

Smaller exchanges like CoinEx, Gate.io, and HTX also saw over $100,000 in liquidations each, while Bitfinex and BitMEX recorded forced closures despite lower volumes, underscoring the widespread impact.

The surge in liquidations coincides with a pivotal moment in Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission. Recent reports indicate the two parties have reached a significant settlement milestone, adding another layer of uncertainty to XRP’s market dynamics.

With bulls and bears nearly evenly matched and regulatory headlines intensifying, XRP’s price remains in a delicate position. Traders should brace for continued turbulence as market reactions remain sensitive to both technical movements and legal outcomes.