• Short sellers are facing liquidation of $218 million due to the favorable ruling of XRP.
• XRP price increased 74% and other crypto assets also saw double-digit gains.
• Prominent exchanges such as Binance, OKX and Bybit saw the most liquidations for short positions.
Favorable Ruling Increases XRP Price
The recent ruling that Ripple Labs’ automated open-market sales of XRP are not securities sent the digital asset’s price skyrocketing from $0.47 to a peak of $0.82, a 74% increase. The crypto market has rallied as a result and other virtual assets have seen double-digit price increases in the last 24 hours as well.
Liquidations Hit Short Sellers
Short sellers are getting slammed by hundreds of millions of dollars worth of liquidations due to this favorable ruling for crypto traders. Market intelligence firm Coinglass reveals that during the last 24 hours, $218 million worth of digital assets were liquidated from prominent crypto exchange platforms such as Binance ($77.7 million) , OKX ($59.8 million), and Bybit ($30.6 million).
Double Digit Increase Across Crypto Assets
Smart contract platform Solana ( SOL ) rallied 18%, layer-2 scaling solutions Arbitrum ( ARB ) and Optimism ( OP ) saw increases of 11% and 13%, payments platform Stellar ( XLM ) had a 31% increase, ApeCoin ( APE ), associated with the Bored Ape Yacht Club NFT collection, rose by 18%, Ethereum ( ETH ) rivals Cardano ( ADA ) and Avalanche ( AVAX ), both had 16.5% increases respectively .
Most Liquidations on Prominent Exchanges
According to Coinglass, Bitcoin ( BTC ), XRP, Solana, and Ethereum experienced the most liquidations for short positions during this time period on prominent crypto exchanges like Binance, OKX and Bybit .
Disclaimer
Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets as transfers and trades are done at own risk with any loses being responsibility of investor themselves according to The Daily Hodl