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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Crypto Liquidations Near $1 Billion As XRP, Dogecoin Crash 10%

Keshav Verma
Keshav Verma
Last Updated: July 24, 2025 11:00 pm
2 mins read
XRP & Dogecoin Crypto

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The cryptocurrency derivatives market has suffered heavy liquidations as altcoins like XRP (XRP) and Dogecoin (DOGE) have plummeted.

Crypto Has Seen Almost $1 Billion In Liquidations During The Past Day

According to data from CoinGlass, the cryptocurrency derivatives sector has been shaken up by a wave of liquidations in the last 24 hours. “Liquidation” here refers to the forceful closure that any open contract undergoes when its losses exceed a certain percentage (as defined by the platform).

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Below is a table that breaks down the numbers related to the latest liquidations in the digital assets market:

Bitcoin & Crypto Liquidations
The liquidations appear to have been quite short-heavy | Source: CoinGlass

As displayed, the cryptocurrency sector has seen a whopping $967 million in derivatives contract liquidations over the past day. Out of these, an overwhelming majority of the positions involved were long ones. More specifically, users betting on a bullish outcome took a beating of around $829 million.

These mass liquidations have come as assets across the market have witnessed some degree of bearish price action. The likes of XRP and Dogecoin are currently down about 10%. Interestingly, Bitcoin (BTC) hasn’t been affected by this latest sector-wide downturn, suggesting that the decline could be a result of investors rotating capital out of altcoins.

Given BTC’s relatively flat action, it’s not surprising to see that the number one cryptocurrency hasn’t been leading in liquidations this time around.

Crypto Liquidations
The heatmap of the liquidations that have taken place during the past day | Source: CoinGlass

From the above heatmap, it’s visible that Ethereum (ETH) has topped the market with a derivatives flush of almost $200 million, while XRP has come second with liquidations of $115 million. Despite the fact that Bitcoin hasn’t actually moved much in the past day, users have still managed to rake up $84 million in liquidations. Solana (SOL) and Dogecoin wrap up the top 5 with figures sitting at $58 million and $56 million, respectively.

The mass liquidation event from the past day may be a product of overheated conditions that had already been brewing in the sector. As on-chain analytics firm Glassnode has revealed in its latest weekly report, the Open Interest across the top altcoins has seen a significant increase since the start of July.

XRP, Dogecoin Open Interest
The trend in the Open Interest for the four top alts | Source: Glassnode’s The Week Onchain – Week 29, 2025

The “Open Interest” here refers to an indicator that keeps track of the total amount of futures positions related to an asset that are currently open on all centralized exchanges. As shown in the chart, the metric’s combined value for Ethereum, Solana, XRP, and Dogecoin sat at $26 billion at the start of the month, but it has now grown to $44 billion.

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XRP Whales Move $759M In Token: What Are They Up To?

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Historically, an excess of leverage has often led to volatility for the market, so the latest squeeze could just be this effect in motion.

XRP Price

At the time of writing, XRP is floating around $3.17, down 4% in the last week.

XRP Price Chart
The price of the coin seems to have plunged | Source: XRPUSDT on TradingView
Featured image from Dall-E, Glassnode.com, CoinGlass.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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