XRP Shorts Worth Over $2.6M Liquidated In A Single Day — Token's Gains Outshine Bitcoin, Ethereum
Portfolio Pulse from Mehab Qureshi
Ripple's native token XRP has seen a 2% rise in the past 24 hours, leading to the liquidation of over $2.6 million worth of XRP shorts. This gain outperformed major cryptocurrencies such as Bitcoin and Ethereum. The rise comes amid an ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple Labs. The SEC is seeking an appeal in the case, following a ruling that XRP is not considered a security when sold on digital asset exchanges.
August 21, 2023 | 7:16 am
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NEGATIVE IMPACT
Bitcoin's marginal gain of 0.04% was outperformed by XRP's 2% rise.
The news of XRP's rise and the liquidation of XRP shorts could potentially shift investor interest from Bitcoin to XRP in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Ethereum's marginal gain of 0.79% was outperformed by XRP's 2% rise.
The news of XRP's rise and the liquidation of XRP shorts could potentially shift investor interest from Ethereum to XRP in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
XRP has seen a 2% rise in the past 24 hours, leading to the liquidation of over $2.6 million worth of XRP shorts.
The rise in XRP's price and the liquidation of XRP shorts indicate a positive market sentiment towards XRP. The ongoing legal battle with the SEC could introduce volatility, but the recent ruling that XRP is not a security when sold on exchanges is a positive development.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100