• Short sellers have been hit with $218 million worth of liquidations in the last 24 hours, after XRP received a positive ruling regarding its crypto trading status.
• This led to a 74% increase in XRP’s value, with other digital assets such as Solana, Optimism, Cardano and Avalanche also experiencing double-digit price surges.
• Bitcoin, XRP, Solana and Ethereum saw the most liquidations of short positions in this time period.
Crypto Market Rally After Favorable XRP Ruling
The crypto markets are rallying following a favorable ruling for crypto traders regarding Ripple Labs’ automated open-market sales of XRP. As reported by market intelligence firm Coinglass, the rise has resulted in $218 million worth of digital asset liquidations over the last 24 hours.
XRP Skyrockets 74% Following Ruling
The highly anticipated ruling caused the value of XRP to skyrocket from $0.47 to a peak of $0.82 – a 74% increase – before retracing slightly back to around $0.78 at time of writing. Binance saw the largest amount of short contract liquidations at $77.7 million during this period, followed by OKX ($59.8 million) and Bybit ($30.6 million).
Double-Digit Price Increases Across Crypto Assets
Many virtual assets experienced double-digit price increases during this time period including smart contract platform Solana (SOL) which rallied 18%, layer-2 scaling solutions Arbitrum (ARB) and Optimism (OP) which both rose 11% and 13%, payments platform Stellar (XLM) which increased 31%, and ApeCoin (APE) associated with the Bored Ape Yacht Club NFT collection rising 18%.
Bitcoin Leads Liquidation Of Short Positions
According to Coinglass data, Bitcoin, XRP, Solana and Ethereum saw the most liquidations of short positions over this 24 hour period out of all cryptocurrency assets.
Disclaimer
Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets as losses may be incurred that are your responsibility alone