XRP futures market went through a cascade of liquidations

by in Cryptocurrency News

XRP

Since January 30, when the Ripple token rate began an upward movement to levels above $ 0.7, the total volume of liquidations of long and short positions in the XRP futures market exceeded $ 1.6 billion.

Over the past day, as a result of the growth and subsequent collapse of XRP, positions for $ 475 million (1.3 billion XRP) were forcibly closed.

Experts interviewed by Forbes saw in the sharp fluctuations in XRP the consequences of the suspension of trading and delisting of the token on the American cryptocurrency exchanges. Some have drawn parallels with the GameStop stock pump.

Trending: Pakistani authorities will collect taxes from traders and crypto companies

"The lack of liquidity creates opportunities for a global coordinated attack," said Jesse Proudman, head of crypto hedge fund Strix Leviathan.

On January 30, representatives of Ripple asked the US Securities and Exchange Commission for information about why the agency does not classify Bitcoin and Ethereum as securities. On the same day, XRP price rose more than 60%.