🤫🤫🤫: Global Liquidations Reach $710 Million in 24 Hours [10/16, 23:02] Meta AI: Global cryptocurrency liquidations have reached $710 million in 24 hours, with $508 million from long positions and $202 million from short positions. A total of 217,395 traders were affected, and the largest single liquidation occurred on Hyperliquid's BTC-USD pair, valued at $20.4274 million.
This significant market movement is likely attributed to Bitcoin's flash crash, which plummeted from $103,500 to $90,500, triggering a massive wave of liquidations across the cryptocurrency derivatives market. Ethereum and Solana showed relative resilience, with only a 2% drop in their prices.
*Key Highlights:* - *Total Liquidations*: $710 million - *Long Positions*: $508 million (71% of total) - *Short Positions*: $202 million (29% of total) - *Affected Traders*: 217,395 - *Largest Liquidation*: $20.4274 million (Hyperliquid's BTC-USD pair)
The cryptocurrency market is known for its volatility, and such massive liquidations can have a significant impact on market sentiment and prices. It's essential to stay informed and adapt to changing market conditions ¹.
Would you like to know more about the potential causes of the Bitcoin flash crash or its impact on the broader cryptocurrency market?
XRP has dipped below key support at $2.92, signaling short-term bearish momentum. The current price is around $2.45, down 4.94% today and 12.55% in the last 24 hours. If the price fails to hold the $2.85 support level, it could potentially drop to $2.80, $2.725, or even $2.60.
*Key Support Levels:*
- *$2.30*: Immediate support level that needs to be maintained to prevent further downside - *$2.80*: Potential drop target if $2.85 support fails - *$2.20*: Strong support level that could provide a bounce-back opportunity
*Resistance Levels:*
- *$2.75*: Strong resistance level that needs to be breached for a potential upward move - *$3.00*: Key resistance level that could signal a shift in momentum
The recent price volatility is attributed to macroeconomic factors, including Trump's tariff announcement, which triggered a $19 billion liquidation cascade in the crypto market. Despite short-term uncertainty, Ripple's legal resolution and institutional expansion continue to strengthen its long-term fundamentals ¹ ².
What do you think about XRP's potential for recovery in the coming weeks?
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