$220M in Shorts Liquidated as Ripple (XRP) Explodes to 19-Month High Following Victory Over SEC
Yesterday turned out to be a highly positive day for all Ripple supporters as Judge Torres, presiding over the company’s legal case against the SEC, ruled that almost all XRP sales do not constitute securities transactions.
This had an immediate effect on XRP’s price, as well as other tokens, which were recently targeted by the securities regulator, and prices have been booming. Naturally, the liquidations are also on the rise.
- As reported yesterday, the entire crypto market had stalled, with most assets trading sideways for days. However, all that changed in an instant after Judge Torres’ decision was made public.
- XRP had traded just below $0.5 and was unable to overcome that level since June 23. The immediate impact of the ruling, though, sent the asset flying as it almost doubled its price within the next 12 hours to tap $0.95.
- This became its highest price tag since mid-December 2021, and it has become the fourth-largest cryptocurrency by market cap. Despite retracing to $0.8 since then, XRP is still more than 60% up on the day.
- But it’s not just Ripple’s native token that has displayed mind-blowing gains today. Other crypto assets that have gone under the regulatory scope of the US Securities and Exchange Commission lately, including Solana (SOL), Cardano (ADA), Stellar (XLM), and more, are also well in the green.
- SOL has soared by 33% to nearly $30, ADA is up by 25% and sits above $0.35, while XLM has skyrocketed by 57% and stands north of $0.15.
- ETH has reclaimed the coveted $2,000 level after a more modest 7.5% surge in a day.
- This enhanced volatility has harmed over-leveraged traders, especially those with short positions. The total value of wrecked positions is just shy of $300 million, with shorts representing $220 million.
- More than 83,000 traders have been liquidated in the past 24 hours, with the largest single order happening on Bitmex and, expectedly, involving XRP.
The post $220M in Shorts Liquidated as Ripple (XRP) Explodes to 19-Month High Following Victory Over SEC appeared first on CryptoPotato.
