Over the past 24 hours, Ripple's native token XRP XRP/USD has experienced a rise of 2%, surpassing gains seen in major cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD.
What Happened: This gain led to the liquidation of over $2.6 million worth of XRP shorts, data from CoinGlass revealed.
Short liquidation refers to the closing of short positions in a market, often resulting in a buy order, as traders exit their bets that the price of an asset will decrease.
This comes amid an ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple Labs.
Bradley Schwartz, CTO at Ripple Labs, on Sunday, said that the SEC is seeking an appeal at this particular stage of the case based on its interpretation that the legal proceedings have not yet concluded. This interpretation allows the involved parties to exercise their right to appeal after the case has reached a final resolution.
The appeal by the SEC follows Judge Analisa Torres’ ruling on July 13, which stated that XRP is not considered a security when sold on digital asset exchanges.
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Why It Matters: According to data from Coinglass, a total of 13,041 traders were liquidated in the past 24 hours, resulting in a cumulative liquidation value of $27.34 million.
XRP has outperformed both Bitcoin and Ethereum, which have experienced marginal gains of 0.04% and 0.79% respectively.
Price Action: At the time of writing, XRP was trading at $0.53, according to Benzinga Pro.
Photo Courtesy: Diamond Visuals On Shutterstock.com
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