The cryptocurrency derivatives market has suffered heavy liquidations as altcoins like XRP (XRP) and Dogecoin (DOGE) have plummeted. Crypto Has Seen Almost $1 Billion In Liquidations During The Past Day According to data from CoinGlass, the cryptocurrency derivatives sector has been shaken up by a wave of liquidations in the last 24 hours. “Liquidation” here refers to the forceful closure that any open contract undergoes when its losses exceed a certain percentage (as defined by the platform). Related Reading: When Will Ethereum Turn Overheated? Report Says Watch This Level Below is a table that breaks down the numbers related to the latest liquidations in the digital assets market: As displayed, the cryptocurrency sector has seen a whopping $967 million in derivatives contract liquidations over the past day. Out of these, an overwhelming majority of the positions involved were long ones. More specifically, users betting on a bullish outcome took a beating of around $829 million. These mass liquidations have come as assets across the market have witnessed some degree of bearish price action. The likes of XRP and Dogecoin are currently down about 10%. Interestingly, Bitcoin (BTC) hasn’t been affected by this latest sector-wide downturn, suggesting that the decline could be a result of investors rotating capital out of altcoins. Given BTC’s relatively flat action, it’s not surprising to see that the number one cryptocurrency hasn’t been leading in liquidations this time around. From the above heatmap, it’s visible that Ethereum (ETH) has topped the market with a derivatives flush of almost $200 million, while XRP has come second with liquidations of $115 million. Despite the fact that Bitcoin hasn’t actually moved much in the past day, users have still managed to rake up $84 million in liquidations. Solana (SOL) and Dogecoin wrap up the top 5 with figures sitting at $58 million and $56 million, respectively. The mass liquidation event from the past day may be a product of overheated conditions that had already been brewing in the sector. As on-chain analytics firm Glassnode has revealed in its latest weekly report, the Open Interest across the top altcoins has seen a significant increase since the start of July. The “Open Interest” here refers to an indicator that keeps track of the total amount of futures positions related to an asset that are currently open on all centralized exchanges. As shown in the chart, the metric’s combined value for Ethereum, Solana, XRP, and Dogecoin sat at $26 billion at the start of the month, but it has now grown to $44 billion. Related Reading: XRP Whales Move $759M In Token: What Are They Up To? Historically, an excess of leverage has often led to volatility for the market, so the latest squeeze could just be this effect in motion. XRP Price At the time of writing, XRP is floating around $3.17, down 4% in the last week. Featured image from Dall-E, Glassnode.com, CoinGlass.com, chart from TradingView.com Source: newsbtc.com (Read Full Article)

An abrupt XRP sell‑off by more than -15% on 23 July was driven overwhelmingly by aggressive market selling on South Korean exchange Upbit, according to independent analyst Dom (@traderview2), who published multi‑venue order book heatmaps and cumulative volume delta (CVD) data to X. “Korean market Upbit chose violence today on XRP,” he wrote, quantifying “Over 75 million XRP sold at market over the last 24 hours.” Why Did XRP Crash Yesterday? The spot CVD chart shared by Dom isolates net market buying and selling across major venues. While Binance, Coinbase, Bybit, OKX, Kraken and Bitstamp CVD lines remained comparatively flat to modestly negative, the Upbit CVD (purple line) plunged in a near‑one‑way trajectory to roughly –75 million XRP during the period, mirroring the intraday decline in the average spot price plotted alongside it. The analyst stated: “The pump AND dump was brought to you by Upbit… The orderbooks have been pretty empty, thus the quick move down today.” Concurrent order book heatmaps for Binance, Coinbase, Binance USDⓈ‑M perpetuals and Kraken show a sharp breakdown from recent highs above $3.5 toward the mid‑$3.1 area during the session. Visible liquidity pockets were thin above price, with bids clustering just below, consistent with Dom’s observation that depleted depth amplified the impact of the concentrated Upbit flow. Related Reading: XRP Breaks Out Of Bull Pennant—Is $15 Now In Sight? He added that “We have reached some bids around $3, which I am monitoring now,” emphasizing that “I think we want that area hold to keep shorter term bull structure in tact.” The same source underscored that the Korean venue had also dominated the preceding upside phase. On 11 July, Dom attributed the earlier surge to localized demand: “XRP pump brought to you mainly by the Koreans on Upbit. Binance market tailing behind. All other venues basically flat (Coinbase barely participating). Nearly 30M $XRP market bought on top exchanges over the last hour.” That earlier burst of concentrated buying was later offset by the latest wave of concentrated selling, producing what he characterized as a “pump AND dump” sequence centered on Upbit’s order flow. Related Reading: XRP Could Skyrocket 500% Against Bitcoin, Analyst Warns Taken together, the data depict a two‑stage move in which initial Korean spot accumulation drove price expansion, followed days later by heavy Korean liquidation into a structurally thin global order book, accelerating XRP’s descent. Dom’s monitoring focus now rests on whether the identified bid interest around $3 can stabilize price and preserve the shorter‑term bullish structure he references. As of the charts published, that support zone remained the critical near‑term level. Notably, derivative positioning intensified the move: CoinGlass data shows that XRP futures long positions suffered approximately $82.8 million in liquidations yesterday, second only to Ether and ahead of Bitcoin, with total market long liquidations exceeding $630 million. This forced deleveraging likely compounded the spot pressure as cascading margin calls translated into additional market sell orders, reinforcing the rapid downside extension initiated on Upbit. At press time, XRP traded at $3.09. Featured image created with DALL.E, chart from TradingView.com Source: newsbtc.com (Read Full Article)