The cryptocurrency market saw sharp price movements over the past 24 hours, with XRP at center stage. A rapid upward breakout in XRP led to major liquidations among leveraged traders who had positioned for a decline. According to data from CoinGlass, forced closures of margin positions across the market exceeded $634 million within the same period.
Short positions faced heavy pressure
Roughly 73% of total losses came from short positions, highlighting how many investors betting against the market were caught off guard by the sudden rally. For XRP, the imbalance was even greater: about 80.6% of all liquidations in the token were on short trades, reflecting the heightened vulnerability among those who predicted further downside.
The latest rally in XRP followed a relatively calm period between $1.02 and $1.06, placing significant stress on bearish leveraged trades.
After trading sideways in the $1.02 to $1.06 range, XRP broke through resistance at $1.0525 and surged to $1.0829. This sharp move triggered a series of stop-loss orders positioned at key intermediate levels, intensifying liquidations for those on the wrong side of the trade.
$1.30953 emerges as a critical threshold
Despite recent volatility, the area of greatest selling pressure for major XRP holders remains higher up. On-chain data reveals that $5.79 million in capital is concentrated around the $1.30953 mark. The current price still sits 20.93% below this pivotal resistance level, indicating substantial room for further upward tests if momentum persists.
CoinGlass has established itself as a key analytics platform for monitoring liquidations and open interest trends in cryptocurrency derivatives markets, making it a reliable reference for the latest market dynamics.
Short-term pullback and support test in focus
From a technical perspective, XRP’s move above $1.0525 paved the way for the most recent upswing. However, overbought signals have started to emerge, suggesting that the pace of gains may be slowing in the near term. Analysts point out that this may temporarily cool further advances as the market digests the move.
Following the first wave of liquidations, the market is expected to seek short-term equilibrium, with XRP likely to retest its former resistance as new support.
Looking ahead, a moderate pullback towards the $1.065 level appears likely in the coming hours. Maintaining this support could provide buyers with a stronger foundation for potential medium-term moves toward the $1.30953 resistance zone.
