XRP-Driven Liquidation Frenzy Hits Record $588M

Crypto liquidations have surged to $588 million after XRP's price rally pushed it to a 7-year high at $2.82 yesterday. The price correction left Ripple's XRP trading at $2.40, triggering a liquidation storm in the asset and other top cryptocurrencies like Bitcoin (BTC) and Dogecoin (DOGE).

XRP led the liquidations chart with both long and short positions being liquidated over $90 million in 24 hours. This is unusual, as Bitcoin typically tops the list. While XRP's price swing caused short and long position liquidations on the chain, $44 million in long positions were liquidated compared to $46 million in short positions.

The largest individual short positions worth $2.4 million to $2.6 million on the OKX crypto exchange were liquidated yesterday, causing XRP's price to drop to $2.56 with a 6% decline in the 24-hour window frame.

XRP is followed by Bitcoin, which saw $81 million in liquidations, and Ethereum, with $49 million in liquidations. Dogecoin also experienced significant liquidations at $22.5 million. However, unlike XRP, Bitcoin, DOGE, and ETH had more long positions liquidated than short as their price dipped over South Korean emergency news.