skip to Main Content
bitcoin
Bitcoin (BTC) $ 85,073.79 3.11%
ethereum
Ethereum (ETH) $ 1,911.04 4.63%
tether
Tether (USDT) $ 1.00 0.02%
xrp
XRP (XRP) $ 2.14 2.73%
bnb
BNB (BNB) $ 609.72 0.67%
solana
Solana (SOL) $ 126.77 0.97%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.174054 5.03%
cardano
Cardano (ADA) $ 0.679768 3.02%
tron
TRON (TRX) $ 0.236838 1.01%

This is Why XRP Crashed by Massive 45% on Bybit

Ripple’s XRP token has done poorly in the past 24 hours, losing more than 15% of its value in that period. The coin’s performance was further compounded by a massive crash in the XRP/USDT perpetual contract on Bybit, which registered a 45% loss in the early trading hours.

  • Now, a renowned Bybit user going by the social media handle “@Defisquared” has offered a possible explanation for the sudden drop in the value of the XRP/USDT pair on the exchange.
  • According to them, a steep price difference between XRP/USDT and XRP/USD perpetual contracts occurred after huge liquidations of XRP caused algorithmic market makers to run out of spot XRP required for its coin-margin contract.
Screenshot 2023-08-18 163224
Source: X
  • The massive XRP liquidations came as the market reacted to news that Ripple had filed its opposition to a request by the US Securities and Exchange Commission (SEC) to appeal an earlier ruling that found XRP sold on secondary markets were not securities.
  • A broader market shakedown that pushed the price of Bitcoin (BTC) down to the $25,000 level also had its effect on the price of XRP, leading apprehensive traders to liquidate more than $50 million in leveraged positions.

The post This is Why XRP Crashed by Massive 45% on Bybit appeared first on CryptoPotato.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top