All eyes are currently on XRP as investors are carefully observing its price move amid the growing buzz surrounding the recent launch of the first spot XRP ETF.
However, the XRP derivatives market has currently failed the expectations of bullish traders who predicted a surge right after the ETF launch, as data from Coinglass shows that a massive $9.09 million in long positions have been wiped out in the last four hours.
XRP's downtrend triggers 3,254% liquidation imbalance
The data shows that about $10 million were liquidated on the XRP derivatives market in the last four hours, with long traders catering for most of it.
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Notably, a massive $9.09 million out of the total liquidation were wiped out in long positions against only $271,060 in shorts during the period.
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As such, the one-sided liquidation has seen XRP register an insane 3,254% liquidation imbalance in favor of the bearish traders. The XRP 4-hour liquidation trend has attracted the interest of investors, as it has basically dashed the hopes of traders betting on the asset’s price surge considering the hype around the Canary XRP ETF launch.
Rather than the bullish trajectory predicted ahead of the long-awaited ETF launch, XRP has instead seen a sharp price correction that led its price to retest the $2.3 level, leaving bullish traders on the wrong side of the move.
XRP dashes hopes following XRPC launch
Notably, the one-sided liquidation that happened in favor of short traders signals how aggressively bullish sentiment had built up from the buzz surrounding the Canary XRP ETF launch. Unfortunately, the XRP price action has failed to match expectations, putting bulls in notable losses.
Speculators have described the XRP futures activity as a “buy-the-rumor, sell-the-news” kind of event, where traders positioned heavily for an upside breakout but were caught off guard by immediate selling pressure following the XRP ETF debut. Hence, the liquidation event is not entirely surprising, as it has been earlier predicted by market experts.
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