- XRP dropped to $2.78 as Bitcoin’s correction triggered a broader market sell-off, but bulls are defending $2.7 with $55M in leveraged longs.
- Liquidations totaled just $17M for XRP—far lower than Bitcoin and Ethereum—showing traders are covering positions instead of capitulating.
- A double-bottom pattern between $2.6 and $2.8 hints at a potential rebound toward $3.6 if $3.1 resistance breaks, though failure at $2.7 could send price to $2.50.
XRP slipped again on October 9, dropping around 3% to trade near $2.78 as Bitcoin’s pullback from record highs sent shockwaves through the broader market. The correction pushed XRP below its key $3 support level, but derivatives data shows bulls aren’t backing down just yet. Instead of folding, they’ve doubled down—literally stacking $55 million in leveraged long positions near $2.7 in what looks like an effort to hold the line.
According to Coinglass, these long contracts represent nearly 58% of all active bullish leverage on XRP right now. It’s a clear sign that traders are clustering around a defensive zone, determined to stop the bleeding before the price slips further. By comparison, XRP liquidations only totaled $17 million over the past 24 hours—tiny next to Bitcoin’s $188 million and Ethereum’s $181 million. Rather than panic-selling, most traders appear to be covering their exposure, playing it safe while the rest of the market burns.
Bulls Try to Hold $2.7 Support
Across the entire crypto space, roughly $679 million was liquidated on October 9, with Bitcoin and Ethereum taking the brunt. Yet XRP’s smaller losses stand out. Despite being the fifth-largest crypto, it weathered the storm better than most, showing traders were actively defending positions instead of getting washed out. That’s a small win in a messy market.
Short sellers still dominate, though. Total open shorts on XRP sit around $146 million, compared to just $95 million in longs. But that $55M cluster near $2.7 might make the difference—if it holds, bulls could force shorts to start closing, flipping pressure back in their favor. That’s where things could get interesting.
Technical Picture: A Double-Bottom in Play
Technically speaking, XRP’s chart is showing signs of a potential recovery setup. A double-bottom formation has been forming between $2.6 and $2.8—often a classic reversal structure when confirmed with a breakout. The neckline rests at $3.1, right around the 20-day simple moving average and midline of the Bollinger Bands. If price can punch through that resistance on volume, it could spark a rally targeting $3.6 next.
Momentum signals are leaning slightly bullish. The RSI is sitting at 41, hovering close to oversold territory, suggesting some room for upside. Bollinger Bands are tightening as well—a technical hint that volatility’s about to expand, one way or another. If bulls can defend $2.7, a short-term rebound to $3.1 looks realistic. Break that, and $3.6 might not be far off.
The Risk Zone: What Happens If $2.7 Fails?
Of course, it’s not all sunshine. If that $2.7 leverage wall collapses, XRP could lose its footing fast. The next real safety net sits down near $2.50, right at the lower Bollinger Band. A breakdown there would invalidate the double-bottom pattern completely and could send the token into deeper correction territory.
Still, for now, XRP traders seem calm under pressure—holding, hedging, and waiting for the broader market to settle. Whether that $55 million in leverage turns out to be smart money or dead weight will likely decide where XRP heads next.
