- Over $607 million in crypto liquidations wiped traders overnight.
- XRP hovers near $2.73 support as volatility grips the market.
- Bitcoin and Ethereum face intense pressure amid cascading margin calls.
A wave of liquidations has rocked the crypto market, erasing over $607 million in leveraged bets across major exchanges within just 24 hours. The sudden flush caught traders by surprise, leaving both bullish and bearish positions scrambling as prices swung sharply in both directions. Bitcoin, Ethereum, Solana, and XRP all faced significant losses, marking one of the most volatile trading sessions in recent months.
Bitcoin traders saw $149.48 million in positions wiped out, while Ethereum investors endured $174.54 million in losses. Solana recorded $27.34 million in liquidations and XRP faced $15.67 million, showing that no major coin escaped the downturn. Overall, $420.76 million in long positions were destroyed compared to $186.87 million in shorts, underscoring how one-sided optimism quickly backfired.
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XRP Holds the Spotlight as Key Support Nears
According to Ali Martinez, XRP’s crucial support lies at $2.73, a level that now stands as the dividing line between recovery and further decline. After falling just below $2.80, the token is hovering dangerously close to that mark. If XRP holds this level, a rebound toward $3.10 could follow, potentially setting off a wave of short liquidations.
The “max pain” zone for XRP shorts is currently positioned around $3.149, which means any push higher could trap bearish traders and force rapid buying. This setup has drawn attention from market watchers who believe XRP could trigger one of the most dramatic reversals in this liquidation-heavy environment.
Market Sentiment Remains on Edge
The broader market also sits near critical inflection points. Bitcoin’s short-pain level stands at $126,500, while Ethereum’s rests near $4,797 and Solana’s around $242. These levels hover just above current spot prices, adding pressure as traders remain cautious about further corrections.
As exchanges continue to clear overleveraged positions, volatility remains elevated. XRP’s performance in the coming sessions could serve as a barometer for the wider crypto market. Holding above $2.73 may not only spark recovery but also signal a potential shift in sentiment after a week dominated by massive losses and shaken confidence.
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