XRP, the cryptocurrency associated with Ripple Labs Inc., is among the top cryptocurrencies faced with high liquidations amid a current market downturn. Data from CoinGlass shows 24.2 million XRP traders have suffered severe liquidations, leaving questions as to what’s happening with the digital asset.

XRP’s exodus from exchanges

According to the data, XRP’s liquidation during the 24-hour time frame was worth approximately $11.4 million.

Traders holding long positions contributed to the total liquidation with $10.21 million, while short traders accounted for $1.2 million. The long positions being higher than the shorts indicate a sharp drop in prices, forcing traders to sell their digital assets.

Meanwhile, the cumulative market liquidations amounted to over $1 billion, with a large percentage recorded from the popular Binance exchange. Bitcoin (BTC) and Ethereum (BTC), the world’s largest digital assets, experienced liquidations worth $387.27 million and $358.32 million, respectively. Altcoins like Cardano (ADA) and Solana (SOL) also registered liquidations of $4.2 million and $62.35 million, respectively.

Current state of XRP

XRP has been experiencing sideways movements for quite a while, wiping out any gains made in over two weeks. As of this writing, XRP is down 18.05% on the daily chart, with its price set at $0.488. However, the trading volume experienced an increase of 213.9% to $3.2 billion, suggesting renewed investors’ interest.

The sharp drop in XRP’s value comes amid expectations of the conclusion in the ongoing Ripple v. SEC case.

U.Today mentioned in an earlier report that a closed-door meeting between both parties was canceled unexpectedly, causing the case to stall. The community is now anxious, wondering what effect the delayed case could have on XRP’s future trajectory.

Moreover, the liquidations also coincide with the release of 500 million XRP from escrow. Ripple consistently performs periodic escrow XRP releases to support the coin’s market liquidity.