XRP Long Liquidations Reach $9.27 Million as Selling Pressure Weighs on Market
XRP traders holding bullish positions faced heavy losses as long liquidations reached $9.27 million over the past 24 hours, far exceeding the $299,997 recorded in short liquidations, according to data from analytics platform Coinglass.
Across exchanges, total XRP liquidations amounted to $9.57 million during the period. The imbalance indicates that traders betting on higher prices accounted for the overwhelming majority of forced position closures as the cryptocurrency market struggled to regain momentum.
Liquidation activity was also significant over a shorter timeframe. Coinglass data showed $853,930 in XRP positions liquidated, comprising $681,200 in longs and $172,780 in shorts.
XRP Liquidations Follow Earlier Market Sell-Off
The latest figures follow an even larger wave of forced liquidations on Friday, when XRP positions worth $16.7 million were closed. Long positions represented approximately $16 million of that total.
That episode came after a broad market downturn on November 5, when Bitcoin abruptly reversed its price direction and triggered a sharp decline across the cryptocurrency market.
XRP Price Faces Pressure Near $1.15 Support
XRP was trading at $1.16, down 1.81% over 24 hours, while its market capitalization declined 1.75% to $72.7 billion.
Open interest increased by just 1.4% over the same period to $1.37 billion. However, the modest rise does not necessarily mean traders are opening new bullish positions, as open interest reflects outstanding derivatives contracts regardless of their directional bias.
Trading activity also weakened, with XRP volume falling 44.7%. The decline in volume points to limited momentum for a near-term recovery. Meanwhile, XRP exchange-traded funds recorded zero net flows on Friday.
From a technical perspective, the weekly chart indicates that XRP could remain under downward pressure. The $1.15 level is identified as the final nearby support before the price potentially moves toward $1.00.
A break below that support could expose leveraged traders to another wave of forced closures, with the source estimating that almost $1 million in positions could be liquidated.
On the upside, $1.20 is identified as the immediate resistance level. A move above that threshold would be a clear indicator of an emerging uptrend, according to the source's technical assessment.
source: u.today
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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