XRP Derivatives Market Suffers $9.6M in Liquidations Amid Modest Price Decline

XRP's derivatives market experienced a chain reaction of liquidations last day, resulting in long traders absorbing $9.6 million in losses as they attempted to hold onto their positions amidst a modest price decline.

The token slipped from around $1.037 to a local low near $1.014, a drop of about 2.2% that triggered automatic liquidations across highly leveraged positions.

According to CoinGlass, long traders accounted for $9.60 million of the $9.93 million liquidated across XRP derivatives over the past 24 hours, with short sellers recording only $330,620 in liquidations.

The move occurred despite broader cryptocurrency weakness contributing to the selloff, as the digital asset market recorded more than $199 million in total liquidations during the same period.