XRP Price Trapped at $1.1799 After $30 Million Cascade Liquidation

XRP’s leveraged market went through a series of brutal flushes this week. In just five days, derivative traders who bet on the token’s upside have lost more than $30 million, according to CoinGlass . What happened is a sudden price reversal after a moment of optimism on November 4 that caught buyers off guard and set off a cascade of liquidations all across the crypto board. Liquidations hit extreme levels by Friday, running 2.74 times above the weekly average. Exchanges' data shows a completely lopsided picture where longs account for 95.54% of all daily losses worth $16.01 million out of a total $16.75 million. Shorts got off with a scare, losing a token $746,000.

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