XRP Short Sellers Lose ₱6,505,269 ($112,000) in Liquidation Spike
XRP climbed to $1.43 during a four-hour surge that triggered a 1,190% liquidation imbalance, catching bearish traders off guard. Long position holders lost just ₱505,320 ($8,700) during the same window.
Short sellers betting against XRP lost ₱6,520,371 ($112,260) during a four-hour period that saw liquidations spike 1,190%, according to CoinGlass data.
The squeeze pushed XRP from $1.38 to a peak of $1.44, a 2.38% jump that caught bearish traders off guard. Long position holders lost just $8,700 during the same window. Trading volume jumped 3.91% to ₱134.75 billion ($2.32 billion) as the price move triggered cascading liquidations.
XRP remains stuck below the key $1.5 level, with major resistance at $1.89 and $2 blocking any sustained rally. The token has dropped 25.90% over the past 30 days and 2.05% over the last week.
Ripple CEO Brad Garlinghouse claimed XRP is the best-performing crypto amid the current market correction. He said XRP has weathered the crypto storm better than other leading coins in the ecosystem.
XRP exchange-traded funds pulled in ₱235.24 million ($4.05 million) recently, an 80% jump that suggests institutional investors are betting on a reversal despite the monthly decline. Short sellers lost nearly 13 times more than long traders during the four-hour liquidation window.
This article was written based on reporting from U.Today.
