Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available
The crypto market is trading largely down in the early Wednesday session as investors anticipate fresh economic releases. A total of $607.18 million was liquidated in positions across the crypto market, of which most were longs ($541.14 million), while shorts came in at $66.22 million
XRP traded in the red owing to the market drop, down 3.48% in the last 24 hours to $1.44. Other major assets were hit harder, with Ethereum, Dogecoin, Cardano, Uniswap, and Shiba Inu, among others, recording losses between 6% and 11%
The market selloff no doubt caught XRP bulls unawares, given the major predominance of long liquidations over shorts
In the last 24 hours, a total of $12.5 million was liquidated in XRP positions, with liquidation data showing a massive imbalance between long and short positions
Long position liquidations totalled $11.96 million, while short positions came in at $540,210, yielding a 2,213% imbalance
XRP's 2,213% liquidation imbalance highlights how leveraged long positions were hit as the market turned lower. The liquidation imbalance suggests bulls bore the brunt of forced closures, pointing to a market heavily positioned for further upside before the selloff arrived
On the macro front, investors are anticipating two key events on Wednesday, one of which is the FOMC meeting minutes, due at 2 p.m. ET, which will be parsed for potential insights on Fed monetary policy decision-making. At the Fed's September meeting, policymakers voted to raise interest rates for the first time since 2023. Traders are now pricing in a 78% chance that the Fed might keep rates unchanged at its next meeting
Three amendments—Permissions Delegation, Batch, and fixBatchV1_2—are expected to activate this week if validator support stays unbroken above 80%
Permissions Delegation will activate on October 8, while fixBatchV1_2 is expected to activate on October 9 alongside the BatchV1_1 amendment. This represents the earliest possible activation dates for these amendments, as validator support must stay above 80% the whole way. If it slips to 80% or lower even once, the amendment is rejected, and the 14-day timer starts over
