XRP Suffers 3.82% Price Drop Amid Crypto Market Selloff

The crypto market is experiencing a selloff, with most assets trading in the red due to inflation concerns. Among major cryptocurrencies, XRP has fallen by 3.82% in the last 24 hours and appears poised to give up its weekly gains.

XRP's price retraced after reaching $1.62 on September 25 and closed the weekend lower with two straight days of declines. Traders expected a rebound but were met with disappointment amid the ongoing selloff, with XRP dropping further to $1.47.

The move caught longs, or traders betting on an increase in price, off guard. A total of $10.88 million out of $11.99 million in liquidations came from longs, while short traders were liquidated for $1.11 million, resulting in a 980% imbalance.

This comes as the crypto market extends its selloff from the weekend, with most assets down 2-7%. The total crypto liquidations across the market have reached $378 million, according to CoinGlass data.