XRP suffers $8 billion wipeout in a day; Could $1 be next?

XRP suffered a sharp sell-off on Friday, November 6, becoming the number one crypto loser in terms of market cap. The token fell from around $1.3 to $1.18, losing roughly 9.3% of its value over 24 hours as a broader risk-off move across financial markets triggered a wave of leveraged liquidations in crypto. Specifically, more than $1.2 billion in leveraged crypto positions were liquidated over the period in questionper CoinGlass . Bullish bets took the biggest hit. While XRP liqudations totaled just $23.21 million, futures took a heavy blow particularly affected, as open interest plunged 12.36%, suggesting traders rapidly closed or liquidated their positions. As a result, the asset lost approximately $7.8 billion of its total value, which dropped from $82.75 billion to $74.96 billion, according to CoinMarketCap .

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