Coinglass data indicates that XRP experienced $9.57 million in liquidations across major exchanges over the last 24 hours, with most stemming from long positions. Of this total, $9.27 million represented long liquidations, while short liquidations accounted for just $299,997.
Market sees heavy liquidations
In the shorter 24-hour frame, XRP saw $853,930 in liquidations, which included $681,200 in long positions and $172,780 in shorts. These figures highlight persistent volatility for the asset, as traders face losses when prices move sharply against their positions.
Friday marked an even larger wave of liquidations for XRP, reaching $16.7 million in total. Of this, $16 million resulted from long liquidations, following a significant downturn in the crypto market. The sell-off was triggered after Bitcoin abruptly reversed its upward trend on November 5, sending shockwaves through altcoins such as XRP.
Data shows XRP long positions were heavily impacted, with $16 million liquidated in a single day following heightened market volatility triggered by shifts in Bitcoin’s movement.
Price movement and technical outlook
Currently, XRP trades at $1.16, reflecting a 1.81% decrease in the last 24 hours. Its market capitalization also slipped 1.75% to $72.7 billion, further underscoring the challenging market conditions. Despite these declines, open interest has seen a slight increase of 1.4% in the same period, now at $1.37 billion. However, this rise in open interest does not necessarily signal a surge in bullish sentiment, as it may also reflect increased leverage on both sides.
Trading volume for XRP declined sharply by 44.7%, indicating waning activity and limited prospects for a strong recovery in the immediate term. In addition, XRP ETFs recorded no net flows on Friday, pointing to subdued institutional interest at this time.
The price is approaching a local bottom, with the weekly chart suggesting the downtrend may continue unless a reversal occurs. The level of $1.15 has emerged as a critical support zone. If this support fails, analysts caution that the path to $1.00 could open quickly.
The loss of the $1.15 support may trigger widespread liquidations, potentially seeing nearly $1 million in positions closed as sellers intensify pressure.
Immediate resistance is identified at $1.20. A break above this threshold would be considered a signal for a potential reversal and the start of a short-term uptrend.
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