Short sellers are facing hundreds of millions of dollars in liquidations as the crypto markets recover as XRP has received a favorable ruling for crypto traders.
New data from market research firm Coinglass reveals which has been liquidated $218 million in digital assets from prominent crypto exchange platforms in the past 24 hours after a judge ruled that Ripple Labs’ automated open market sales of XRP are not securities.
The highly anticipated ruling caused XRP to skyrocket as it surged from $0.47 to a high of $0.82, up 74%. The digital asset has since recovered and is trading at $0.78 at the time of writing.
Coinglass reveals that $77.7 million in short contracts have been liquidated from Binance, the world’s largest crypto exchange by volume, while other prominent crypto exchange platforms, such as OKX and Bybit, have received $59.8 million and $30.6 million, respectively. to short liquidations.
Many virtual assets saw double-digit price increases over the past day, leading to the liquidations. Smart contract platform Solana (SOL) was up 18%, while layer-2 scaling solutions Arbitrum (ARB) and Optimism (OP) saw increases of 11% and 13%.
Other notable double-digit gains include Ethereum (ETH) rivals Cardano (ADA) and Avalanche (AVAX), which saw 16.5% and 15% gains respectively, payment platform Stellar (XLM), which saw a 31% increase, and ApeCoin ( APE), the digital asset associated with the Bored Ape Yacht Club non-fungible token (NFT) collection, rose 18%.
According to Coinglass, the four crypto assets that have seen the most liquidations of short positions in the past day are Bitcoin (BTC), XRP, Solana, and Ethereum.
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