181% Liquidation Imbalance Stuns XRP as Crypto Bloodbath Thickens

Crypto Market Faces Downward Pressure, XRP Sees Significant Liquidation

The crypto market has continued its downward trajectory, with the combined capitalization dropping by 2.3% to $3.25 trillion. In the midst of this bearish trend, XRP has recorded an intense liquidation over the past 24 hours, joining the broader market's decline.

According to CoinGlass data, XRP has seen a total liquidation of $14,815,180, with long position traders suffering the most losses at $14,120,000. Short position traders' exposure was significantly lower at $695,180, representing a 181% liquidation imbalance—highlighting a divergence in market expectations.

Open interest in XRP has also declined sharply, reversing its earlier positive trend. This metric is down 6.65% in 24 hours, with only 1.86 million XRP committed to futures trades.

XRP traders had higher expectations for the digital currency, especially after recent ecosystem developments like the resolution of the Ripple and U.S. SEC lawsuits, which positioned the altcoin for institutional adoption. However, price movements have not matched these expectations, leading to intensified liquidations.

At the time of writing, XRP is priced at $2.146, down 2.2% from its recent high of $2.2. The coin has erased gains across multiple time frames, presenting a potential accumulation opportunity for investors.

Despite nearing the $1 support level, XRP has shown signs of a rebound as buyers re-enter the market. With the coin approaching oversold territory, a long-term recovery could be on the horizon. The immediate target sits at $2.2, with potential to retest the monthly high of $2.645.