In a short period of just one hour, there was a significant gap of 1,455% between liquidated long and short positions in the XRP perpetual futures market. CoinGlass data reveals that a total liquidation of $920,000 occurred, with a staggering 93.4% coming from long positions, resulting in the loss of around $860,000. Surprisingly, despite only experiencing a 2.7% drop, XRP's price collapse was not substantial. However, traders had a bullish sentiment after a 3% gain and went all-in on the long side, causing their bets to quickly fall apart. This trend affected the entire crypto market, with $27.7 million in positions being wiped out in just one hour, primarily affecting long traders who suffered losses of $24.41 million compared to short positions' $3.51 million in losses. Despite XRP's chart indicating bullish signals, the momentum slowed, leading to the unforeseen unraveling of what once seemed like a solid strategy. This situation raises doubts about the wisdom of going long on XRP, as the numbers suggest continuing downward pressure until the market eventually stabilizes.



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