Liquidation data from the last 24 hours reveals some surprising imbalances among major cryptocurrencies: XRP traders who bet against the altcoin took a hit almost five times bigger than the longs, with a rare 404% short-to-long wipeout ratio.

Out of $5.95 million liquidated on XRP pairs, $4.77 million came from shorts, while only $1.18 million was sucked out of leveraged longs, as per CoinGlass.

This is a bit of a shock when you look at the rest of the crypto market. Bitcoin and Ethereum were at the top with $67.11 million and $35.53 million liquidated, respectively, but mostly mixed flows. XRP's situation is different, though. Its liquidation map shows a clear story of bulls cornering short traders in a squeeze-like blockbuster of price action.

On Binance, XRP/USDT bounced by 3.33% from as low as $2.57 to as high as $2.64, providing a stark explanation why the derivatives data came in the form of such aggressive washout.

Crowd gets punished, again

The way the market's been moving lately shows that bears have been trying to push the token lower, which is understandable considering the overall sentiment, but they have been getting pushed out at higher price points, which has made the upside moves on the chart bigger.

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One may see this as a textbook crypto market behavior, where a crowded overleveraged trade gets punished in the most brutal and unexpected manner.

Heavy short-side imbalances in XRP liquidations are rare and often coincide with a shift in trading psychology. The market saw $216.75 million in liquidations, reflecting concentrated pressure on short sellers. This setup can extend into a further bullish rally if spot buyers continue absorbing sell pressure.

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