XRP Liquidations Totaled $9.57 Million Amid Price Decline

Based on data from the analytical platform Coinglass, XRP position liquidations amounted to $9.57 million over the past 24 hours. Long positions accounted for $9.27 million, while short liquidations reached only $299,997. On a shorter time frame, total XRP liquidation amounted to $853,930, with $681,200 in long positions and $172,780 in short positions.

On Friday, the XRP market experienced even more significant liquidations, totaling $16.7 million, with $16 million attributed to long liquidations. This event followed a sharp market decline on November 5, when the price of Bitcoin unexpectedly changed direction. Currently, the price of XRP stands at $1.16, which is 1.81% lower than the previous day's prices, while the market capitalization decreased by 1.75% to $72.7 billion. Open interest in XRP increased by 1.4% over the past 24 hours, reaching $1.37 billion; however, this does not indicate the opening of new bullish positions. Trading volume fell by 44.7%, indicating limited recovery potential. Additionally, XRP ETFs recorded zero net flows on Friday.

The current price level is close to a local minimum. The weekly chart indicates a further downward trend, with support at $1.15, which is the last before a potential drop to $1.00. Breaking through this last support level could trigger a cascade of liquidations, leading to the closure of nearly a million dollars in positions. The immediate resistance level is set at $1.20, a break of which would be a clear indicator of an upward trend.