The bottom line: XRP liquidations totaled $1.885 million over the past four hours, with longs accounting for 99.9%. This wasn’t a two-way tussle—long positions chasing the rally were the first to get wiped out.
Binance alone saw $813,000 in liquidations, nearly 43% of XRP’s total across all platforms. Hyperliquid recorded $463,000 in liquidations, while OKX saw $275,000. Liquidations were concentrated among long positions across several major platforms.
The largest single liquidation was a $141,000 XRP long on Hyperliquid; Binance and OKX followed with long liquidations of $63,000 to $76,000. The repeated large liquidations suggest that highly leveraged positions were not reduced in time during the pullback.
But over the 24-hour period, XRP short liquidations totaled $3.923 million, exceeding the $2.6 million in long liquidations. The short-term action has shifted from a one-sided long squeeze to liquidations on both sides. Chasing either a rally or a drop now risks getting liquidated, so first watch to see whether leverage continues to cool.
Which side do you think will get liquidated first in XRP’s next move—longs or shorts?
$XRP
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