In the past 24 hours, XRP has witnessed a significant liquidation tally of $9.57 million, with data from Coinglass indicating that the vast majority—$9.27 million—was from long positions. In contrast, short positions accounted for approximately $300,000. During this period, XRP was trading at $1.16.
Long Positions Bear the Brunt
On a shorter timeframe, XRP liquidations were recorded at $853,930, comprising $681,200 from long positions and $172,780 from short ones. This data underscores that investors betting on a price increase suffered the most during the selling pressure.
Coinglass data reveals that XRP liquidations over the past 24 hours were predominantly concentrated in long positions.
The scenario on Friday was even more severe. Total liquidations in XRP reached $16.7 million, with long positions making up $16 million of this figure. This market movement followed a sudden shift in Bitcoin prices after the broad market decline that transpired on November 5.
Weak Market Indicators Surface
XRP’s market capitalization declined by 1.75%, dipping to $72.7 billion in the last 24 hours. Meanwhile, open interest increased by 1.4% to $1.37 billion. However, the rise in open interest doesn’t necessarily signal the creation of new bullish positions.
A 44.7% drop in trading volume highlights the limited potential for an intra-day recovery. Furthermore, neither inflows nor outflows occurred in XRP-focused ETFs on Friday, suggesting indecision among institutional investors.
Price Hovers at Crucial Threshold
The current price level is hovering near a recent local bottom. Analysts view the $1.15 level as critical; dipping below it could trigger accelerated liquidations, potentially closing another $1 million in positions.
If the price falls below $1.15, liquidations could accelerate, resulting in the closure of approximately $1 million in additional positions.
The next pivotal level on the upside is $1.20. Crossing this threshold could signal short-term recovery in the price structure. However, current data continues to indicate persistent vulnerability in XRP’s market standing.
