Crypto
$XRP Defies $2 Million Short Squeeze Imbalance in Derivatives Market
XRP has defied a massive short squeeze imbalance in its derivatives market. A local attempt to short $XRP on the one-hour timeframe triggered a wave of forced short-position closures, which turned aggressive selling into fuel for a $2 million short squeeze.
The asset held key support and successfully neutralized a critical imbalance in the derivatives market. According to CoinGlass, cumulative liquidations across the crypto market exceeded $386.09 million over the past 24 hours, affecting 78,000 traders.
The largest order was recorded in the ETH/USDT pair on Binance, worth $11.76 million. However, the most abnormal dynamic developed within a single hour in $XRP derivatives.