Dogecoin Flips XRP in Daily Liquidations, Here Are Figures

Cover image via U.Today

A recent cooling-off period in the cryptocurrency market has led to modest liquidations for altcoins like Dogecoin (DOGE) and XRP. At the time of writing, CoinGlass data indicates that Dogecoin currently shows higher liquidation figures than XRP, suggesting potential over-leverage in the meme coin market.

Dogecoin and XRP Liquidation Analysis

CoinGlass data reveals $7.67 million in total DOGE liquidations compared to $5.22 million for XRP. Dogecoin liquidations are not unprecedented, often resulting from the coin's inherent volatility impacting both long and short positions. However, these latest figures show short traders experiencing a more significant impact, with $4.76 million in losses compared to $2.90 million for long traders over the past 24 hours.

Conversely, XRP's liquidations saw long traders incurring greater losses, with $3.76 million in liquidations versus $1.46 million for short traders during the same period.

Recent ecosystem developments have influenced trading activity for both DOGE and XRP. As reported earlier this week, the House of Doge secured 10 million Dogecoin for a strategic reserve.

XRP's Stronger Fundamentals

The XRP ecosystem boasts stronger underlying fundamentals for long-term price recovery. Following the recent SEC case closure against Ripple Labs Inc., XRP is no longer classified as a security in the U.S. This development paves the way for institutional investment through direct purchases or XRP ETFs, potentially impacting its price significantly.

At press time, XRP traded at $0.433, down 0.92%, while Dogecoin experienced a more positive trend, rising 4.95% to $0.1847. Read the original article on U.Today.