**XRP Price Plunge Wipes Out Millions in Longs After Spot ETF Launch**
All eyes are currently on XRP as investors closely monitor price movements amid the growing buzz surrounding the recent launch of the first spot XRP ETF. Despite optimistic expectations, the XRP derivatives market has disappointed bullish traders. According to data from Coinglass, a massive $9.09 million in long positions have been wiped out over the last four hours.
### XRP’s Downtrend Triggers Massive Liquidation Imbalance
In total, about $10 million was liquidated in the XRP derivatives market during this volatile period, with the vast majority coming from long positions. Notably, $9.09 million was cleared from longs, compared to just $271,060 in short positions. This dramatic disparity has resulted in an enormous 3,254% liquidation imbalance in favor of bearish traders.
This one-sided liquidation trend has caught the attention of investors who were hoping for a price surge following the much-anticipated Canary XRP ETF launch. Instead of the bullish rally that many predicted, XRP has experienced a sharp correction, retesting its $2.3 price level and leaving bullish traders on the losing end.
### XRP Dashes Hopes Following XRPC Launch
The heavy liquidation of long positions in favor of short traders highlights how aggressively bullish sentiment had built up due to the buzz around the Canary XRP ETF launch. Unfortunately, XRP’s price action has failed to deliver on these expectations, leading to significant losses for bullish investors.
Market speculators have described the activity in XRP futures as a classic “buy-the-rumor, sell-the-news” event. Traders positioned heavily for a breakout were caught off guard by immediate selling pressure following the ETF debut. As a result, this liquidation event has not come as a surprise to market experts, many of whom had already warned of this possibility.
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*Stay tuned for more updates on XRP price movements and the impact of the new spot ETF launch on the broader crypto market.*
https://bitcoinethereumnews.com/tech/xrp-prints-massive-3254-liquidation-imbalance-amid-etf-buzz/