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

Cryptocurrency Liquidations Hit $588 Million as XRP Surges

Cryptocurrency liquidations spiked to $588 million on as the price of XRP experienced an unprecedented rally, reaching a seven-year high of $2.82. Following a price correction, Ripple's XRP stabilized at $2.40.

This surge triggered a wave of liquidations across XRP, Bitcoin (BTC), and Dogecoin (DOGE), with XRP accounting for the largest portion of liquidations.

Both long and short positions in XRP faced liquidations exceeding $90 million within 24 hours, making it the top asset for liquidations during that period. While Bitcoin typically dominates liquidations, XRP's surge reversed this trend.

The extreme price volatility of XRP resulted in liquidations on both short and long positions. Approximately $44 million in long positions and $46 million in short positions were eliminated.

Several significant short positions ranging from $2.4 million to $2.6 million were liquidated on the OKX cryptocurrency exchange, contributing to an XRP price decline of 6% to $2.56 within a 24-hour period.

Bitcoin followed XRP in the liquidations chart, with $81 million in liquidations. Ethereum accounted for $49 million and Dogecoin for $22.5 million. However, Bitcoin, DOGE, and ETH faced more liquidations in long positions than short positions due to a price dip triggered by news of a South Korean emergency.

The largest single liquidation event involved $15 million in short positions on Bitcoin on the OKX cryptocurrency exchange. The price volatility of XRP, Bitcoin, and Dogecoin was primarily attributed to South Korean President Yoon Suk Yeol's declaration of martial law due to political tensions within the country.

XRP, Bitcoin, and Dogecoin experienced significant price fluctuations yesterday. At the time of writing:

• Bitcoin trades at $96,750 with a slight uptick of 1.42%.
• XRP trades at $2.62 with a small decline of 0.64%.
• DOGE trades at $0.418 with a marginal drop of 0.20%.