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The cryptocurrency market is currently faced with high liquidation, and a number of altcoins, including XRP, DOGE and PEPE, are at the center of it all. Data from CoinGlass shows that 88,388 traders have suffered liquidations on their crypto holdings in the last 24 hours.

Cumulatively, their total liquidation has amounted to more than $290 million, with the largest single transaction emanating from the HTX exchange.

Millions in XRP, DOGE and PEPE exit crypto exchanges

During this time frame, the crypto industry saw the liquidation of $6.18 million worth of XRP. Precisely, XRP traders exited their long positions worth $4.94 million and their short positions worth $1.24 million. Similarly, dog-themed meme coin Dogecoin (DOGE) experienced liquidation worth $3.65 million, $2.95 in long positions and $698,480 in short positions.

A total of $2.85 million worth of PEPE also left exchanges within the last 24 hours. The withdrawal equated to $1.86 million PEPE from longs and $967,980 from shorts. Top cryptocurrencies by market cap Bitcoin and Ethereum registered liquidation of $88.01 million and $80.23 million, respectively.

It is quite obvious that the crypto liquidation trend is becoming the order of the day. Meanwhile, a significant percentage of these liquidations came from Binance.

Ripple releases 500 million XRP from escrow

The news coincided with Ripple's release of an additional 500 million XRP from escrow. Notably, the San Francisco-based blockchain payments firm had earlier successfully moved approximately 1 billion XRP tokens from the same source within 48 hours. The latest withdrawal, valued at a total of $281,693,718 at the time, is an addition to the other escrow holding.

In the last seven years, Ripple has consistently upheld this tradition of releasing XRP from escrow as a way of providing liquidity for the coin. Till now, the blockchain payment platform holds 4.682 billion XRP in its crypto wallets.