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XRP’s Liquidation Woes: Crypto Market Drama Unfolds

BBG News

The crypto market is still in freefall, like that one friend who swears they’ll “totally stop drinking” but somehow keeps showing up with a glass of rosé. The total market cap is down 2.3% to $3.25 trillion—just a casual dip, nothing to see here! XRP is joining the crypto chaos, and it’s not looking cute. In the last 24 hours, XRP had a liquidation party, losing a hefty $14,815,180. Why? Because apparently, over-leveraging is the latest trend in digital currencies.

XRP Liquidation Imbalance: How to Lose Big and Look Bad Doing It

Here’s the breakdown according to CoinGlass: long position traders took the brunt of the hits, losing $14,120,000. Meanwhile, short position traders, probably smugly sipping their lattes, only lost $695,180. This gives us a lovely little 181% liquidation imbalance, which basically screams, “Hey, maybe the market wasn’t as stable as we thought, huh?”

But wait, there’s more! The story gets juicier than your grandma’s fruitcake. XRP’s open interest has also tanked, taking a detour from the positive vibes it had earlier in the month. Down 6.65% in 24 hours, it’s like XRP’s been hit with the flu, and only 1.86 million XRP are still hanging out in futures trades. Everyone else? Too scared to even touch it.

Traders were all “XRP to the moon” just a few months ago, after Ripple and the U.S. SEC stopped fighting like siblings in a car. But now, with the price of XRP doing its best impression of a rollercoaster, the hopes of XRP holders are… well, let’s just say, fragile.

So, What’s Next for XRP? Because This Is Getting Dramatic

As of right now, XRP is chilling at $2.146, down 2.2%. It was hanging out around $2.2 but almost slipped into the abyss below $2, so it’s kind of like that one person who just barely passes their exam but acts like they’re a genius. The bears are definitely in control at the moment, but the bulls are trying to make a comeback like an underdog in a sports movie. We’re all just here for the drama at this point.

Although XRP is flirting with the $1 zone (we can almost hear the sad violin music), there’s a potential rebound on the horizon. Think of it as the moment in the rom-com when the protagonist finds out they were wrong about everything and rushes to the airport to make things right. XRP could eventually climb back to $2.2, maybe even hit that monthly high of $2.645. Fingers crossed—who knows what will happen next? Stay tuned!

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2025-05-31 15:55

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