XRP accounted for just 2.7% of total crypto liquidations as the derivatives market recorded $1.09 billion in forced position closures over 24 hours.
The losses affected 180,837 traders across tracked exchanges, showing how quickly leveraged positions can suffer during sharp market moves. The largest single liquidation involved an ETH position worth $19.98 million on Hyperliquid.
Meanwhile, XRP contributed $29.52 million to the total, making up a relatively small share of 2.7% of the market-wide losses despite its recent price decline and subsequent recovery.
Long Liquidations Account for Most Market Losses
Long positions took the biggest hit during the 24-hour period. Traders lost $935.01 million through long liquidations, compared with $156.88 million from short positions.
However, the figures looked different over a shorter period. Total liquidations reached $92.15 million over 12 hours, with short positions accounting for $77.84 million and long positions contributing $14.31 million.
This suggests that market conditions began to shift as prices stabilized and some cryptocurrencies recovered, and this left traders betting on further declines facing greater losses.
Ethereum and Bitcoin Record the Biggest Losses
Ethereum recorded the highest liquidation volume among major cryptocurrencies, with $344.75 million in forced closures over 24 hours. Its total exceeded the combined figures for every other individually tracked asset except Bitcoin.
Bitcoin followed with $263.07 million in liquidations, leaving the two largest cryptocurrencies with a substantial share of the market-wide total. Solana recorded $64.83 million, while NEAR accounted for $24.90 million.
XRP’s $29.52 million placed it between Solana and NEAR in the reported figures. Of XRP’s total, $27.82 million came from long liquidations, while $1.69 million came from short liquidations. These figures add up to $29.51 million.
XRP’s heavy concentration of long liquidations followed its price decline earlier in the week. The token soared to $1.53 on Oct. 5 before selling pressure continued through Wednesday, Oct. 7.
The decline eventually pushed XRP to a three-week low of $1.3188 on Oct. 8. Traders who held leveraged long positions through the drop faced forced closures as the price continued to fall.
Binance Accounts for More Than Half of Exchange Liquidations
Binance recorded $577.19 million in liquidations over 24 hours, making it the largest contributor among the tracked exchanges.
Its total exceeded the combined figure for all other platforms and represented more than 53% of the market-wide losses.
Hyperliquid ranked second, with $143.64 million in liquidations. The platform also recorded the largest single forced closure, involving an ETH-USD position worth $19.98 million.
Meanwhile, Bybit followed with $125.32 million, while OKX recorded $94.16 million and Gate accounted for $82.34 million. HTX added another $23.47 million to the total.
XRP Recovery Above $1.40 Triggers Short Liquidations
Interestingly, the XRP price has started recovering alongside the rest of the crypto market. After falling to $1.3188, the token recovered and climbed above $1.40.
The rebound coincided with a change in liquidation activity across shorter timeframes. Over the latest one-hour period, total market liquidations reached $2.88 million, including $2.34 million from short positions and $532.45 thousand from long positions.
The four-hour figures showed a similar pattern. Total liquidations reached $18.52 million, with short positions accounting for $15.88 million and long positions contributing $2.63 million.