Over the last 24 hours, the price of XRP has fallen by more than 15%. This decline was made worse by a huge 45% price crash on the Bybit exchange early today.
According to a well-known Bybit user, this crash likely happened because there was a big difference between two XRP contract prices on Bybit. Many traders were forced to sell their XRP positions all at once. This created a domino effect that crashed the price 45%.
The massive sell-off came after news that Ripple opposed the SEC’s attempt to appeal a court ruling finding XRP not a security.
The overall crypto market downturn, with Bitcoin falling below $25,000, also drove panic selling of XRP. Over $50 million in leveraged XRP trades were liquidated on Bybit, fueling the flash crash.
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