'$1.6 Billion in Longs': XRP Validator Reacts as Crypto Selloff Leaves Bulls Bleeding

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. $1.6 billion long liquidations XRP turns 14 Advertisement A broad crypto market sell-off intensified overnight against a potential backdrop of global equity strength, resulting in major long liquidations. Crypto traders who had expected the market to catch up with the global stock rally were left disappointed as a major price drop caused the largest liquidation event since early February. Nearly $1.8 billion in leveraged crypto positions were liquidated in 24 hours, according to CoinGlass data . Long positions bore the brunt of the damage, with about $1.6 billion in liquidations. HOT Stories Microsoft Warns of Crypto-Stealing Trojan Hyperliquid (HYPE) ATH Run Needs Short Pause, Ethereum (ETH) Receives Massive Upside Room, Toncoin (TON) Golden Cross Might Not Help: Crypto Market Review $1.6 billion long liquidations The crypto market fell early Wednesday even as global stock indexes hit fresh records. Major cryptocurrencies, especially in the top 10, nursed losses between 2% and 6%. Advertisement You Might Also Like Mon, 02/23/2026 - 10:24 XRP Trading Volume Rises 77% as Crypto Liquidations Reach $485 Million By Tomiwabold Olajide The drop marked the largest single-day wipeout since February 5, with $1.8 billion liquidated and a near-pure flush of long bets, with longs taking $1.6 billion of the total and shorts only $200 million, per CoinGlass data. $1.6 billion in crypto long positions liquidated. Stop trading, folks. pic.twitter.com/ghDmTRMKI6 — Vet (@Vet_X0) June 3, 2026 Vet (Hussein Zangana), an XRP Ledger dUNL validator and Director of Community at the XRP Ledger Foundation , reacted to the selloff, highlighting the $1.6 billion long position wipeout. "$1.6 billion in crypto long positions liquidated," Vet wrote. Advertisement XRP turns 14 XRP marked its anniversary on June 2, as 14 years ago, Arthur Britto committed the code that created the 100 billion XRP (previously called XNS). You Might Also Like Wed, 06/03/2026 - 08:50 'Happy Birthday, XRP': Ripple CTO Emeritus Schwartz Reminds What Core Idea Was Amid Washington Expansion By Gamza Khanzadaev Reacting to the milestone, Ripple CTO Emeritus David Schwartz wrote : "14 years ago, we got together with an idea to build a better way to move value. What happened next was something none of us could have built alone." Other dates are also historic for XRP: 15 years ago on October 14, Jed McCaleb made the first code contribution to what is now known as the XRP Ledger. In there, he used a variable called "Faith" with the comment. Vet highlighted this milestone, adding that "a leap of faith is all it needs." #XRP Ledger #XRPL #Cryptocurrency #XRP News