XRP Price Plummets Amid Market Selloff, Liquidations Reach Historic Levels

XRP saw a sharp decline in value after a sudden market selloff forced traders to close out leveraged positions. The price dropped from $1.65 on September 23, which was a record high for XRP this year.

The drop continued early Thursday, with the price reaching a low of $1.45 amid an ongoing selloff in the broader crypto market. This led to a total of $31.48 million in liquidations over the last 24 hours, with longs accounting for the majority of this figure at $29.54 million while shorts came in at $1.94 million.

The percentage imbalance between longs and shorts yields an astonishing 1522%. This deep negative MVRV discount puts recovery in focus, signaling that there may be more room to recover if demand continues to improve.