XRP accounted for just 2.7% of total crypto liquidations as the derivatives market recorded $1.09 billion in forced position closures over 24 hours
The losses affected 180,837 traders across tracked exchanges, showing how quickly leveraged positions can suffer during sharp market moves. The largest single liquidation involved an ETH position worth $19.98 million on Hyperliquid
Meanwhile, XRP contributed $29.52 million to the total, making up a relatively small share of 2.7% of the market-wide losses despite its recent price decline and subsequent recovery
Long positions took the biggest hit during the 24-hour period. Traders lost $935.01 million through long liquidations, compared with $156.88 million from short positions
However, the figures looked different over a shorter period. Total liquidations reached $92.15 million over 12 hours, with short positions accounting for $77.84 million and long positions contributing $14.31 million
This suggests that market conditions began to shift as prices stabilized and some cryptocurrencies recovered, and this left traders betting on further declines facing greater losses
Ethereum recorded the highest liquidation volume among major cryptocurrencies, with $344.75 million in forced closures over 24 hours. Its total exceeded the combined figures for every other individually tracked asset except Bitcoin
Bitcoin followed with $263.07 million in liquidations, leaving the two largest cryptocurrencies with a substantial share of the market-wide total. Solana recorded $64.83 million, while NEAR accounted for $24.90 million
XRP’s $29.52 million placed it between Solana and NEAR in the reported figures. Of XRP’s total, $27.82 million came from long liquidations, while $1.69 million came from short liquidations. These figures add up to $29.51 million
XRP’s heavy concentration of long liquidations followed its price decline earlier in the week. The token soared to $1.53 on Oct. 5 before selling pressure continued through Wednesday, Oct. 7
The decline eventually pushed XRP to a three-week low of $1.3188 on Oct. 8. Traders who held leveraged long positions through the drop faced forced closures as the price continued to fall
Binance recorded $577.19 million in liquidations over 24 hours, making it the largest contributor among the tracked exchanges
Its total exceeded the combined figure for all other platforms and represented more than 53% of the market-wide losses
Hyperliquid ranked second, with $143.64 million in liquidations. The platform also recorded the largest single forced closure, involving an ETH-USD position worth $19.98 million
Meanwhile, Bybit followed with $125.32 million, while OKX recorded $94.16 million and Gate accounted for $82.34 million. HTX added another $23.47 million to the total
Interestingly, the XRP price has started recovering alongside the rest of the crypto market. After falling to $1.3188, the token recovered and climbed above $1.40
The rebound coincided with a change in liquidation activity across shorter timeframes. Over the latest one-hour period, total market liquidations reached $2.88 million, including $2.34 million from short positions and $532.45 thousand from long positions
The four-hour figures showed a similar pattern. Total liquidations reached $18.52 million, with short positions accounting for $15.88 million and long positions contributing $2.63 million
