Ripple Bulls Wrecked for $60M as XRP Flash Crashes to $3: Details
Main Idea
The US government reported a significant rise in wholesale inflation, leading to a sharp decline in XRP's value, with broader cryptocurrency liquidations exceeding $1 billion.
Key Points
1. US wholesale inflation rose by the highest percentage since June 2022.
2. XRP dropped to a weekly low of $3 after initially retracing below $3.25.
3. XRP later recovered slightly to $3.1.
4. Total cryptocurrency liquidations surpassed $1 billion, with ETH and BTC leading at $307 million and $256 million, respectively.
5. XRP traders faced over $60 million in liquidations.
Description
TL;DR The entire cryptocurrency market turned red in the past hour or so, and Ripple’s 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 $3.6...
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