- XRP saw over $62 million in liquidations as longs were aggressively wiped out
- Price broke below key technical levels, turning former support into resistance
- Oversold signals are present, but buyers remain cautious near $1.75
XRP took a sharp hit today as both institutional players and retail traders were caught on the wrong side of a fast-moving downturn. The token slid from around $1.91 to $1.75 in recent sessions, dragging its market cap below the $110 billion mark and triggering a wave of forced liquidations. What followed felt sudden, and a bit messy, with leverage unwinding faster than many expected.
At the time of writing, XRP is trading near $1.76, down roughly 2.26% over the past 24 hours. Market capitalization now sits around $107.5 billion. As prices slipped, panic selling from weaker hands picked up, pushing 24-hour trading volume more than 45% higher. That spike in activity wasn’t bullish enthusiasm, it was stress.
Long Liquidations Accelerate the Drop
According to CoinGlass data, XRP saw more than $62.2 million in liquidations over the last 24 hours, with long positions making up nearly all of it. About $60.99 million, or roughly 98%, came from traders betting on higher prices. That imbalance points to a classic long squeeze, where forced selling feeds on itself and accelerates the decline.
Liquidations also surged relative to recent norms, jumping to about 4.26 times the seven-day average. The largest single liquidation totaled roughly $17.38 million, a sign that some heavily leveraged positions were caught off guard. Most of the damage was concentrated on Hyperliquid, which handled over $44 million, close to 70% of the total, with Bybit and Binance trailing behind.
Technical Breakdown Adds Fuel
The selloff wasn’t just about leverage. XRP also broke down technically, slipping below its 30-day simple moving average near $2.02 and losing the 50% Fibonacci retracement level around $2.09. These zones had acted as support for weeks, and once they gave way, they flipped into resistance almost immediately.
Over the past quarter, XRP had been trying to hold above the $2.00 level, leaning on its role as a utility-focused bridge asset for institutions. This latest move, a decline of about 6.59%, outpaced the broader crypto market’s roughly 5.54% drop. That relative weakness stands out, especially given XRP’s reputation as a more institutionally aligned token.
RSI Signals Oversold, but Buyers Hesitate
The Relative Strength Index has now dropped to around 28.3, pushing XRP firmly into oversold territory. In theory, that can attract dip buyers. In practice, buying volume hasn’t surged, which suggests hesitation rather than confidence. Many traders appear content to wait and see if a deeper base forms before stepping back in.
TradingView’s technical gauges reinforce that caution. The platform currently shows a strong sell signal, backed by a 14-to-0 ratio of bearish to bullish moving averages. Momentum, for now, is clearly pointing down.
Looking ahead, attention is turning to the $1.78 swing low and the $110 billion market cap threshold. If the ecosystem’s valuation continues to slip below that floor, liquidation pressure could persist unless buyers defend the $1.75 area with conviction. If XRP is acting as a proxy for institutional risk appetite, its failure to reclaim the $2.02 level may hint at a longer cooling period for high-utility altcoins.
