In the past hour, XRP liquidations reached a figure that speaks for itself: $635,000 worth of longs were erased versus just $1,000 worth of shorts, as per CoinGlass. This works out to a ratio of 63,500%, which highlights how one-sided the positioning had become.

The price change was small, though. XRP slipped by around 1%, trading between $2.82 and $2.84, but the leverage behind the longs turned that modest decline into a substantial sell-off. Shorts barely moved, while longs were cleared.

Across the market, liquidation pressure was heavy but more equally distributed. More than $14 million worth of positions were liquidated within that same hour. Ethereum led with almost $2 million, Bitcoin traders lost over $300,000 and Solana cleared close to half a million. 

However, none of these assets showed the same distortion between long and short wipes as XRP.

Bears take charge

Over 24 hours, the market total reached $427 million in liquidations. Longs accounted for most of the damage at $351 million, while shorts lost $75 million. Ethereum accounted for $161 million, Bitcoin for $42 million and XRP for just under $10 million. While the dollar totals were larger elsewhere, the hourly imbalance on XRP was much greater than the ratios in other major currencies.

Such an extreme liquidation imbalance does not require a large chart move to appear. It only takes crowded positioning leaning too far in one direction. 

Now after that 1% dip in price wiped out hundreds of thousands of leverage, the next move will show whether longs can rebuild with cleaner books or if shorts press the advantage into deeper liquidations.

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