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U.Today - XRP has been bullish on many fronts within the last 48 hours. The token’s price has experienced a massive rebound, resulting in mild liquidations for traders holding long and short positions in the last hour.
XRP’s price rally sparks massive liquidations
CoinGlass Data reveals that XRP has witnessed $1.07 million in liquidations in the last hour. Out of this, long traders' liquidation stood at $596,580 after the significant increase in the price of XRP. With this volume wiped out, it leaves $476,140 tied to short position traders.Comparatively, Bitcoin (BTC) did not experience such massive liquidation within the same period. The leading digital currency only lost $109,270 cumulatively.
However, there was a severe liquidation imbalance between traders betting on a long position and those that opened a short position. Long traders lost $88,570, more than three times the loss registered by short position traders. Traders who bet short on BTC lost $20,070.
Market analysts have attributed the massive liquidation to the spike in price triggered by the hype surrounding the possible approval of an exchange-traded fund (ETF).
ETF speculation fuels XRP market frenzy
Grayscale’s filing with the regulatory authority to convert the XRP Trust into a spot ETF has sparked interest. This renewed investor interest in XRP caused a spike in trading volume, a metric that jumped by 47.39% to $8.05 billion.Beyond Grayscale’s filing, many in the broader cryptocurrency ecosystem speculate that the U.S. Securities and Exchange Commission (SEC) could withdraw its appeal against Ripple. Many consider the official acknowledgment a positive message to the broader crypto community.
Already, the SEC has acknowledged the key filings for an XRP ETF. Brad Garlinghouse, Ripple CEO, says SEC’s decision to acknowledge the proposed rule change was inevitable, even though some voices were against it.