Yesterday, XRP took what was arguably its heaviest hit recently: down 9.2% over 24 hours, plunging from 1.657 to a low of 1.478. The current price is 1.494, and the bounce lacks momentum.
Nearly all of those cut were long positions: in the past 24 hours, $32.25 million worth of XRP contracts were liquidated, with 95.3% being long orders—3850 trades in total. The largest single order was on OKX: a $1.51 million long position, liquidated at 1.5105. The top five liquidations in single trades were all longs—Hyperliquid took three of those spots.
The leverage has indeed been cleaned up for a round: the total holdings across the whole network evaporated by 13% in a single day—about $360 million gone, with Binance alone down 17%.
But even with the drop like this, the long-vs-short account ratio is still overwhelmingly tilted to the long side: 69.9% of accounts on Binance, 76.8% on Bybit, and 81.4% on Bitget are betting long. Binance’s funding rate has also flipped negative—annualized at about -3%. The remaining shorts are starting to pay the longs.
$XRP
Shorts profit the spread but still have to pay rent; longs pay tuition and wait for a rebound—whose side are you on?
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