XRP Suffers Catastrophic 1522% Liquidation Imbalance Amid Market Selloff

The cryptocurrency market experienced a significant selloff on Thursday, with XRP being one of the hardest hit assets. The price of XRP plummeted by 8.18% in the last 24 hours, reaching a low of $1.45 after a sharp surge to $1.65 earlier in the week.

This sudden market downturn caught traders who were betting on an increase in XRP's price off guard. According to data from various sources, XRP saw a total of $31.48 million in liquidations over the past day, with longs accounting for the majority of this figure at $29.54 million and shorts coming in at $1.94 million.

The percentage imbalance between longs and shorts yields an astonishing 1522%, indicating that the market was heavily skewed towards traders who were betting on a price increase.