XRP News Today: Crypto Market Plummets 2.73% to 6.35% in 24 Hours 711.48 Million Liquidated

The cryptocurrency market experienced a significant downturn over the past 24 hours, with major digital assets such as Bitcoin, Ethereum, and Solana posting substantial losses. This market correction was accompanied by widespread liquidations, amounting to over $711 million, as leveraged positions were forcefully closed across various exchanges. The leading cryptocurrencies recorded the following declines over the 24-hour period: Bitcoin (BTC) fell by 2.73% to $106,000, Ethereum (ETH) dropped by 6.35% to $2,640, and Solana (SOL) declined by 6.20% to $153.10. XRP and BNB also saw notable decreases, with XRP shedding 4.89% to $2.18 and BNB falling by 2.18% to $653.40. The most significant losses were observed in Ethereum and Solana, indicating higher volatility among altcoins and increased speculative positioning.

The liquidation wave was extensive, with over 147,000 traders affected, resulting in $711.48 million in forced position closures. The majority of these liquidations were concentrated in long positions, totaling $648.92 million, compared to $62.56 million in short positions. The most severe liquidation event involved a single $201.31 million BTCUSDT order on Binance, underscoring the substantial leverage exposure and its impact during rapid price reversals. In the final hour of the drop, over $334.94 million was liquidated, with $329.61 million coming from long positions, highlighting the abrupt and severe nature of the market reversal.

Despite the correction, Bitcoin remains above the crucial $106,000 support level. Analysts suggest that as long as this level holds, the broader uptrend in the cryptocurrency market is likely to remain intact. However, any further decline could exacerbate volatility and extend liquidations across the altcoin sector. The market's reaction to this liquidation wave underscores the risks associated with leveraged trading and the potential for significant losses during periods of high volatility.