Short sellers are getting slammed by hundreds of millions of dollars worth of liquidations as the crypto markets rally due to XRP receiving a favorable ruling for crypto traders.
New data from market intelligence firm Coinglass reveals that during the last 24 hours, $218 million worth of digital assets were liquidated from prominent crypto exchange platforms after a judge ruled that Ripple Labs’ automated open-market sales of XRP are not securities.
The highly anticipated ruling sent XRP skyrocketing, as it went from $0.47 to a peak of $0.82, a 74% increase. The digital asset has since retraced and is trading for $0.78 at time of writing.
Coinglass unveils that $77.7 million worth of short contracts were liquidated from Binance, the world’s largest crypto exchange by volume, while other prominent crypto exchange platforms, such as OKX and Bybit, saw $59.8 million and $30.6 million worth of short liquidations respectively.
Many virtual assets saw double-digit price increases during the last day, prompting the liquidations. Smart contract platform Solana (SOL) rallied 18% while layer-2 scaling solutions Arbitrum (ARB) and Optimism (OP) saw increases of 11% and 13%.
Other notable double-digit rises include Ethereum (ETH) rivals Cardano (ADA) and Avalanche (AVAX), which saw respective increases of 16.5% and 15%, payments platform Stellar (XLM), which saw a 31% increase, and ApeCoin (APE), the digital asset associated with the Bored Ape Yacht Club non-fungible token (NFT) collection, rose by 18%.
According to Coinglass, the four crypto assets that saw the most liquidations of short positions during the last day are Bitcoin (BTC), XRP, Solana, and Ethereum.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Featured Image: Shutterstock/Tun_Thanakorn/WhiteBarbie
