TL;DR

The entire cryptocurrency market turned red in the past hour or so, and Ripples cross-border payments token was not spared. XRP plunged to a weekly low, leaving over $60 million worth of short and mostly long positions wrecked.

XRPUSD. Source: TradingView A lot can change in the digital asset space within the span of just 12 hours. Recall that XRP stood tall earlier today at over $3.3 as the overall sentiment was dominated by the bulls with calls for a new all-time high (currently at $3.65).

However, the landscape worsened in the following hours, especially after the US government announced the inflation data on the wholesale level, which showed that it had risen by the highest percentage since June 2022.

XRP, which had already retraced to under $3.25, plunged once again. This time, the bears were a lot more persistent and drove the third-largest cryptocurrency to a weekly low of $3 (on Bitstamp and other exchanges).

Ripples token has bounced since then and currently sits at $3.1. Still, it has dropped by 4% in the past hour alone and over 5.5% on a daily scale.

Data from CoinGlass indicated that XRP traders have been wrecked for over $60 million in the past 24 hours, with longs responsible for more than 92% of that entire share.

The total value of liquidations has jumped above $1 billion, with ETH and BTC leading the pack ($307 million and $256 million, respectively).

Liquidation Heat Map. Source: CoinGlass