Crypto Market Surges After Favorable XRP Ruling: Short Sellers Face $218 Million in Liquidations within 24 Hours

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Short Sellers Crushed as Crypto Markets Surge Following Favorable XRP Ruling

In a significant turn of events for crypto traders, a recent ruling favoring XRP has caused a tremendous rally in the crypto markets, resulting in short sellers facing massive liquidations amounting to hundreds of millions of dollars.

The latest data from market intelligence firm Coinglass has unveiled the extent of the liquidation wave, with an astonishing $218 million worth of digital assets being liquidated across major crypto exchange platforms within a mere 24-hour period. This surge in liquidations comes in the wake of a judge’s ruling that Ripple Labs’ automated open-market sales of XRP are not considered securities.

Following the highly anticipated ruling, XRP experienced an astronomical surge, propelling its value from $0.47 to a staggering peak of $0.82—an impressive 74% increase. As of the time of writing, the digital asset has retraced slightly and is currently trading at $0.78.

Coinglass’ analysis further reveals that Binance, the world’s largest crypto exchange by volume, witnessed a staggering $77.7 million worth of short contracts being liquidated. Similarly, other prominent platforms such as OKX and Bybit also faced significant short liquidations, amounting to $59.8 million and $30.6 million respectively.

The surge in prices across various virtual assets played a pivotal role in triggering these liquidations. Solana (SOL), a smart contract platform, witnessed a remarkable 18% rally, while layer-2 scaling solutions Arbitrum (ARB) and Optimism (OP) experienced respective increases of 11% and 13%.

Notable double-digit price surges were observed in Ethereum (ETH) competitors Cardano (ADA) and Avalanche (AVAX), with impressive increases of 16.5% and 15% respectively. Stellar (XLM), a payments platform, witnessed a staggering 31% surge, and ApeCoin (APE), the digital asset associated with the popular Bored Ape Yacht Club non-fungible token (NFT) collection, rose by an impressive 18%.

Coinglass’ analysis also sheds light on the four cryptocurrencies that saw the highest number of short position liquidations during this eventful day: Bitcoin (BTC), XRP, Solana, and Ethereum.

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