XRP‘s value has taken a notable hit, sliding 3.43% to $0.969 over the past 24 hours, accelerating a 17% decline over the week. This downturn has been exacerbated by the rising liquidations in futures markets, placing significant downward pressure on the price.
Futures Markets: Long Positions Unwound
Data from CoinGlass reveals that investors with bullish positions bore the brunt of this decline. In the past day, long position liquidations in XRP surged to $43.17 million, representing approximately 91% of total liquidations.
CoinGlass highlights that the majority of recent liquidations in XRP were from long positions, accelerating the sell-off pressure.
During this period, the total open interest also decreased, with XRP’s open interest declining by 5.53% to $2.03 billion, indicating that position closures were most prominent in long trades.
For those monitoring these volatile price movements, CryptoAppsy offers real-time tracking of price changes and specific news streams, particularly during periods when liquidation pressures are prominent. This enables a more structured observation of how open position liquidations impact market prices.
Market Sentiment Shifts with Negative Funding
In the perpetual futures market, the funding rate has turned negative, currently standing at -0.0082% for XRP. This scenario signifies a market state where those holding short positions pay long position holders, underscoring a prevailing bearish outlook.
XRP declined consecutively for ten days from November 5 to November 14, 2026. At the end of October, the price dropped below the daily 200-day moving average, highlighting a loss in momentum. The surrender of the 50-day moving average earlier in October further weakened the buying side.
Liquidity Contraction Impacts the Crypto Landscape
The broader market scene is marked by a reduction in stablecoin supply, which analysts at Glassnode report decreased by $17 billion over the past month, marking the steepest decline since 2022. As investors convert stablecoins to fiat currency, available purchasing power for Bitcoin and altcoins diminishes.
Bitwise CEO Matt Hougan remarked that a significant buying opportunity may arise in the market at some point, although pinpointing its timing remains challenging.
Technical indicators show the daily RSI entering the oversold territory, keeping the possibility of a short-term rebound in focus. Should such a recovery prove sustainable, levels of $1.25 and $1.30 will be closely monitored. Conversely, continuation of the downtrend may make the $0.77 region a key support level.
