Over $33M Worth Of XRP Shorts Liquidated In 12 Hours As Crypto Whales Go On A Buying Spree

Crypto shorts have faced massive liquidation in the past 12 hours following a court ruling favoring Ripple Labs. The ruling granted a summary judgment, stating that the XRP token, which is associated with the company, is not considered a security.

What Happened: Within a span of 24 hours, a staggering 80,950 traders saw their positions liquidated, resulting in a total liquidation value of $285.50 million. Astonishingly, 75% of these liquidations were short positions, data from CoinGlass reveals.

Bitcoin (CRYPTO: BTC) worth $50.11 million and Ethereum (CRYPTO: ETH) amounting to $38.11 million were liquidated within a mere 12-hour timeframe.

The largest single liquidation order occurred on Bitmex, involving XRP tokens valued at $2.82 million. Notably, the total liquidation value for XRP in the past 12 hours alone amounts to $58.23 million, with $32.96 million accounting for short positions being liquidated.

Short liquidation, also known as a short squeeze, poses a significant risk in cryptocurrency-leveraged trading. It occurs when investors or traders are unable to meet the margin requirements for their positions, largely due to a sudden increase in the price of the asset being traded.

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Why It Matters: Following the court ruling, on-chain data provider Santiment reported a significant surge in whale activity on the XRP network. Whale transactions, which refer to large-scale transfers by major holders of cryptocurrencies, have reached their highest levels in 2023 by a considerable margin. Over the last 24 hours, the XRP network recorded a total of 637 whale transactions, with each transaction valued at over $100,000 or more.

To fully comprehend the implications of these transactions, Santiment emphasizes the importance of considering the context. When whales and sharks, referring to large holders of cryptocurrencies, increase their holdings during a price upswing, it suggests that the upward momentum may persist and lead to positive outcomes in the market.

Price Action: At the time of writing, XRP was trading at $0.76, up 62% in the last 24 hours, data from Benzinga Pro shows.

Photo Courtesy: Michaela Jilkova On Shutterstock.com

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