Top trader of crypto exchange Bybit masterfully used 'window of opportunity' opened by strange imbalance in pairs with XRP and U.S. dollar
The dicsount"window" only lasted for 10-20 minutes. It might have happened due to large and unpredictable liquidations of XRP traders' positions.
As explained by the trader, algorithmically backed market-makers faced a shortage of spot XRP cryptocurrency needed for coin-margined derivatives trading.Just like all major altcoins, XRP is badly affected by the ongoing panic-driven sell-off. In almost no time, the token plunged from $0.57 to $0.47, losing over 17.5% of its value.The collapse was surrounded by record-breaking liquidations on cryptocurrency markets.
When it comes to XRP, the total volume of liquidations is estimated at $27.92 million; almost 90% of this sum were the long positions of XRP bulls. Out of this whopping amount, Bybit is responsible for $7.8 million, while Binance , the largest cryptocurrency exchange globally, is in charge for $7.4 million in equivalent.
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