XRP surged 2.56% in the last 24 hours, trading at $3.26. Despite the bullish trend, an unprecedented 366,000% liquidation gap between long and short positions shocked the market. Data from CoinGlass revealed that long traders faced massive losses, totaling $803,170 in liquidations. In contrast, short positions saw just $218.84 liquidated.
The imbalance occurred after XRP briefly dropped to $3.10 before rebounding above $3.20. Derivatives platforms executed forced liquidations on over-leveraged long positions. Many traders rushed to add margin as platforms closed losing trades. Despite the shakeout, XRP maintained its bullish momentum and hovered near key resistance levels.
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Trading Volume and Whale Activity Surge
Trading activity spiked significantly. CoinMarketCap reported a 76.51% rise in daily trading volume, reaching $6.79 billion. This increase signalled renewed trader interest and possible accumulation by large investors.
Whale activity also intensified. Whale Alert reported a $53.4 million XRP transfer to Coinbase. On-chain analyst Ali Martinez noted that whales accumulated over 130 million XRP within a 24-hour period. These moves suggested growing confidence among major players despite recent corrections.
New Wallet Takes $16.6 Million Long Position
A newly activated wallet entered the market with a bold $16.6 million long position. Using 2x isolated leverage, the trader executed three rapid market orders at $3.2029, $3.2051, and $3.2061. Failed limit orders near $3.45 prompted the wallet to switch to market execution, indicating a high level of urgency and conviction.
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Currently, XRP trades slightly above $3.21, keeping the wallet’s position profitable with $87,227 in unrealized gains. Alongside its XRP trade, the wallet holds SOL, adding another $9,672 in gains. However, rising funding costs have already reached $21,500, narrowing profit margins.
XRP’s rally triggered a record 366,000% liquidation disparity, intense whale accumulation, and surging trading volumes. New wallet activity and strong investor positioning suggest sustained bullish sentiment, although funding costs and high volatility may pressure traders in the short term.
