XRP Liquidations Hit $3.76M Amid ETF Approval Speculation
A high-stakes XRP trade is on the brink, with the token hovering dangerously close to the trader’s liquidation level. According to on-chain data, the notional value of the reopened short position stands at $17.6 million, with a liquidation price set at $2.91. At the time of writing, XRP is trading at $2.86, just cents away from triggering a potential liquidation.
Previous Losses Didn’t Stop New Bet
Despite recently incurring a $3.4 million loss from earlier Bitcoin and XRP short positions, the trader has once again entered the market. The aggressive move comes amid increased volatility and uncertainty surrounding XRP’s short-term price trajectory.
CoinGlass data confirms that around $3.76 million worth of XRP positions were liquidated in the past 24 hours, with shorts accounting for nearly 75% of the total wipeout—indicating that many traders were betting against XRP and got caught off guard.
ETF Approval Speculation Clouds Market Sentiment
The timing of the bet has raised eyebrows, particularly with major regulatory decisions on the horizon. Analyst Nate Geraci recently stated that the “next few weeks could be enormous” as the U.S. Securities and Exchange Commission (SEC) prepares to rule on several spot ETF applications, including those tied to XRP.
The SEC’s final decision on XRP ETFs is expected in October, with Franklin Templeton’s proposal deadline set for November 14.
If approved, an XRP ETF could trigger significant bullish momentum. However, some analysts caution that the potential upside may already be priced in, especially given current market conditions.
At present, XRP is down 22% from its all-time high of $3.66, reached on July 18, leaving investors questioning whether another rally is truly on the table.
