XRP Price Holds at $1.1799 as $30 Million in Long Liquidations Hit Leveraged Traders
XRP faced renewed selling pressure over the past week as more than $30 million in leveraged positions were liquidated within five days, according to CoinGlass data. The wave of forced closures followed a sudden market reversal on November 4, when traders betting on further gains were caught off guard, pushing the token lower and triggering a broader liquidation cascade across the cryptocurrency market.
By Friday, daily liquidations had climbed to 2.74 times the weekly average, highlighting the scale of losses among leveraged XRP traders. Long positions accounted for 95.54% of the day's total liquidations, with $16.01 million wiped out from a combined $16.75 million in losses. Short positions recorded approximately $746,000 in liquidations.
Binance experienced the largest share of the damage among exchanges, with $8.06 million in leveraged XRP positions forcibly closed. More than 3,600 traders worldwide reportedly lost their entire deposits during the liquidation events.
XRP Long Liquidations Trigger a Market-Wide Squeeze
The liquidation pattern reflected a long squeeze, a situation in which traders using borrowed funds to bet on rising prices are forced to close their positions as the market moves against them. As XRP reversed lower, leveraged buyers faced increasing losses, triggering automatic liquidations that added further selling pressure.
The initial optimism surrounding XRP on November 4 quickly gave way to downward momentum. Traders who had positioned themselves for a continued rally were increasingly exposed as prices declined, creating a chain reaction of forced position closures.
XRP Price Falls to $1.1799 as Technical Indicators Turn Bearish
On the spot market, XRP declined 6.41% over the past several days, leaving the cryptocurrency trading around $1.1799 by the weekend. The weekly XRP/USD chart on TradingView showed a long upper wick, indicating that attempts to push prices higher, including buying activity above $1.22, failed to sustain upward momentum.
The technical outlook also weakened as XRP moved below two closely watched moving averages, the 50 EMA and 100 EMA. The 100 EMA has subsequently become a resistance level around $1.271, creating another obstacle for buyers attempting to regain control.
Momentum indicators are also reflecting the pressure. The Relative Strength Index (RSI) stood at 33.21, while an earlier bearish divergence had played out, according to the chart analysis cited in the source material.
$1.1588 Emerges as the Next XRP Liquidation Risk Level
Attention is now turning to $1.1588, identified by CoinGlass as the nearest liquidation risk zone for leveraged long positions. At the reported XRP price of $1.1799, the market was approximately 1.79% above that level.
Algorithmic estimates put the probability of XRP testing $1.1588 within the following 24 hours at roughly 50%. A move through this threshold could trigger another round of forced liquidations involving approximately $928,900 in positions, potentially adding to the existing downward pressure.
The liquidation data also points to an imbalance in the market's positioning. While buyers face the risk of further forced closures below the current price, estimated sell pressure in the lower zone was less than $500,000, according to the source material.
For XRP traders, the immediate focus remains on whether the $1.1588 level can hold. A further decline could expose leveraged positions to another liquidation wave, while the resistance around $1.271 remains a significant technical hurdle for any potential recovery.
ssource: 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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