Crypto Liquidations Soar to Record $588 Million Amid XRP Price Volatility

Crypto liquidations have reached a staggering $588 million as XRP's price surge to a seven-year high triggered widespread market volatility. The sudden price correction saw Ripple's XRP trade at $2.40, resulting in a liquidation storm across the crypto space.

XRP led the way in terms of liquidations, with both long and short positions being wiped out. A total of $90 million in XRP liquidations occurred within 24 hours, making it the top single asset for liquidations during that time.

Bitcoin, usually a leader in liquidations, followed closely behind with $81 million in liquidations, while Ethereum and Dogecoin trailed at $49 million and $22.5 million respectively.