After the release of preliminary U.S. GDP data,XRP registered an extreme imbalance in liquidations, with $225,460 in shorts being liquidated, while marginal buyers registered a rare $0, as perCoinGlass.
The effect was literally a statistical anomaly, with an imbalance ratio that is impossible to calculate, but if there was at least $1 in long liquidations, the figure would exceed 22,546,000%.
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Talking about U.S. GDP, growth was reported at 3.3% quarter-on-quarter, surpassing the forecasted 3.1% and the previous reading of 3%.
In the meantime, weekly jobless claims were reported at 229,000, which was lower than the expected 230,000 and lower than the previous 235,000. This data set is neutral for near-term rate expectations but favors equities and digital assets a bit.
XRP price pure chaos
XRP's price was all over the place during the hour around the release, going from $3.10 to $3.03. Volatility clusters popped up as automated flows digested the GDP release, with thin order books pumping up sharp swings. The liquidation imbalance showed up as shorts were cleared while longs were not touched, and this did not last more than a few minutes.
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The next macro release is Non-Farm Payrolls on Sept. 5 at 3:30 p.m Eastern Time. If labor data trends do not change, traders and investors might be willing to continue to hold altcoins before the Federal Reserve meeting on Sept. 16-17.
This could lead to a sustained altcoin cycle, but theXRP liquidation is a sign that these markets can be highly fragile during events like this.
