The cryptocurrency market has recently witnessed a state of high liquidity, with altcoins such as XRP, DOGE, and PEPE at the center of the action.
According to data provided by CoinGlass, approximately 88,388 traders had their cryptocurrency holdings liquidated in the past 24 hours, resulting in a total liquidation of more than $290 million.
The largest single liquidation has emerged from the HTX trading platform.
During this period, cryptocurrencies like XRP, DOGE, and PEPE saw millions of dollars withdrawn from cryptocurrency trading platforms.
$6.18 million worth of XRP was liquidated, including $4.94 million in long positions and $1.24 million in short positions.
Likewise, $3.65 million worth of Dogecoin (DOGE) was liquidated, including $2.95 million from long positions and $698,480 from short positions.
The PEPE digital currency also witnessed a liquidation of $2.85 million during the past 24 hours, including $1.86 million from buy deals and $967,980 from sell deals.
This broad trend of liquidating cryptocurrencies also affected major currencies such as Bitcoin and Ethereum, where the liquidation value of Bitcoin reached $88.01 million, and Ethereum reached $80.23 million.
It is worth noting that a large percentage of this liquidation came from the Binance trading platform, which highlights its significant impact on the market.
500 million XRP released from escrow by Ripple:
In conjunction with these developments, Ripple announced the release of an additional 500 million XRP from escrow.
The move comes shortly after the company transferred nearly 1 billion XRP tokens from the same source within 48 hours.
The total value of this latest withdrawal is estimated at approximately $281,693,718, which is a new addition to the company's other security holdings.
For the past seven years, Ripple has been following this tradition by releasing XRP from escrow as part of its strategy to enhance liquidity in the market.
