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.
[adinserter block="1"]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.
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