XRP Rockets 7,676% in Liquidation Imbalance as August Rally Cools Off

Key Points

1. XRP saw a 7,676% imbalance between long and short liquidations, with $2.61 million in long positions liquidated compared to only $34,130 in shorts.

2. The price of XRP dropped 2.94% to $2.97, with a rapid sell-off flipping several support levels in minutes.

3. BTC and ETH also faced long liquidations ($40.39M and $70.76M respectively), but their markets showed more balance between long and short positions compared to XRP.

4. The event highlights potential overexposure in XRP's market, suggesting the rally may be losing momentum.

5. Despite the downturn, XRP remains strong, but the liquidation imbalance indicates underlying market instability.