There was a massive 1,455% gap between liquidated long and short positions on the XRP perpetual futures market in just one hour. Data from CoinGlass puts the total liquidation in that short period at $920,000.
But the real shock? Almost all of it - 93.4% - came from long positions. That is, about $860,000 was wiped out, leaving only $60,000 tied to shorts.
Even more striking is the fact that XRP did not experience a big price collapse. It only dropped 2.7%. Nothing too wild. But traders were feeling pretty bullish after a 3% gain and went all-in on the long side. But then, in the blink of an eye, everything changed, and those bets started to fall apart.
This was not just a problem for XRP . The entire crypto market felt the pressure. In just one hour, a whopping $27.7 million in positions were wiped out. That is over 10% of the total liquidation over the last 24 hours. Long traders were hit the hardest, with losses of $24.41 million, far exceeding the $3.51 million in losses from short positions.
Why did this happen?
XRP's chart had been sending bullish signals, reinforcing a trader's bias to go long. But the balance shifted as momentum slowed, and what seemed like a solid strategy quickly unraveled. Sentiment alone was not enough to keep prices afloat.
This kind of setup raises questions. Is going long on XRP still a smart move? Right now, the numbers say no. It looks like every time there is a chance for a bounce, there is just more selling. If buyers keep pushing, but the market is not ready to turn, XRP could continue to slide until the pressure finally eases.
