XRP, Bitcoin and Dogecoin Volatility Drive Crypto Liquidations to $588 Million

XRP's jump to a seven-year high price of $2.82 early Tuesday, and the subsequent correction to nearly $2.40, has propelled the Ripple-linked asset to the top of the crypto liquidations chart over the past 24 hours.

Liquidations of long and short positions tied to XRP totaled more than $90 million over the past day, per data from CoinGlass, becoming the top single asset for liquidations during that span. That's a surprise on a list that is typically ruled by Bitcoin.

Because of XRP's substantial swings during the day, long and short position liquidations are almost even on the chain, with over $44 million in longs and about $46 worth of shorts zapped in the process.

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Several individual shorts in the range of $2.4 million to $2.6 million were liquidated on OKX early Tuesday. XRP is currently trading for $2.56, down 6% over the last day.

Bitcoin isn't far behind on the list with $81 million in liquidations, followed by Ethereum at $49 million and Dogecoin at nearly $22.5 million. All three of those assets saw more long positions liquidated than shorts, due to price dips over the last day.

Bitcoin and XRP Prices Plunge in South Korea as President Declares Martial Law

The price of Bitcoin tumbled Tuesday on Upbit, South Korea’s largest crypto exchange, falling as low as $61,600 as the country’s president, Yoon Suk Yeol, declared martial law. The measure, which was announced by Yoon in a late-night television address, came alongside accusations that South Korea’s main opposition party was sympathizing with North Korea, per CNN. Yoon reportedly accused the party of “clear anti-state behavior aimed at inciting rebellion.” Priced in South Korean won, Bitcoin’s va...

Overall, some $587 million worth of crypto positions were liquidated over the past day. The largest single liquidation over the past 24 hours was a $15 million short position on Bitcoin via OKX.

The prices of Bitcoin, XRP, and Dogecoin were all apparently jolted early Tuesday (U.S. time) by news that South Korean President Yoon Suk Yeol had declared martial law over an apparent conflict with the opposing party in the country. But the price dips seen on most exchanges paled in comparison to those on South Korean platforms like Upbit.