The broader market finally managed to stabilize over the weekend, but XRP longs are still getting flushed in one direction—the long-side pain point on the chart was $1.1729, and it’s already been breached tonight. 📉
Here’s this week’s wave of XRP ($XRP ) long liquidations, based on CoinGlass data:
1. More than $30 million wiped out in five days: after a brief spike on November 4, the price reversed, triggering a cascade of liquidations among longs who bought the top. More than 3,600 traders had their margin wiped out;
2. Friday alone accounted for $16.75 million in liquidations. Longs made up $16.01 million, or 95.54%, while shorts lost only $746,000. Binance alone accounted for $8.06 million;
3. CoinGlass charts put the long-side pain point at $1.1729, with around $1.9 million in liquidations below that level. At the time, the estimated probability of it being touched within 24 hours was about 50%. The short-side pain point was much higher, at $1.4282;
4. The current price is around $1.156. It opened today at $1.1862 and hit an intraday low of $1.1519, down 7.21% over five days;
5. Over-the-counter demand hasn’t stepped in either: U.S. spot XRP ETFs have seen zero net inflows for four consecutive trading days. The only move this week was a $529,500 net outflow from a Canary product on Monday. Against cumulative net inflows of $1.81 billion, net assets now stand at just $1.34 billion.
My take: longs getting flushed this badly shows that everyone who chased the November 4 rebound got trapped. The $1.1729 level held during the day but gave way tonight; if the price can’t reclaim it, the next levels to watch are around $1.14 and $1.12. With four straight days of zero ETF inflows, no fresh money is coming in from outside the market either, so the price lacks the momentum to climb back on its own. I wouldn’t chase a rebound at these levels. I’d wait to see either a reclaim of $1.1729 or signs of a bottom forming around $1.14 before making a call.
Here’s this week’s wave of XRP ($XRP ) long liquidations, based on CoinGlass data:
1. More than $30 million wiped out in five days: after a brief spike on November 4, the price reversed, triggering a cascade of liquidations among longs who bought the top. More than 3,600 traders had their margin wiped out;
2. Friday alone accounted for $16.75 million in liquidations. Longs made up $16.01 million, or 95.54%, while shorts lost only $746,000. Binance alone accounted for $8.06 million;
3. CoinGlass charts put the long-side pain point at $1.1729, with around $1.9 million in liquidations below that level. At the time, the estimated probability of it being touched within 24 hours was about 50%. The short-side pain point was much higher, at $1.4282;
4. The current price is around $1.156. It opened today at $1.1862 and hit an intraday low of $1.1519, down 7.21% over five days;
5. Over-the-counter demand hasn’t stepped in either: U.S. spot XRP ETFs have seen zero net inflows for four consecutive trading days. The only move this week was a $529,500 net outflow from a Canary product on Monday. Against cumulative net inflows of $1.81 billion, net assets now stand at just $1.34 billion.
My take: longs getting flushed this badly shows that everyone who chased the November 4 rebound got trapped. The $1.1729 level held during the day but gave way tonight; if the price can’t reclaim it, the next levels to watch are around $1.14 and $1.12. With four straight days of zero ETF inflows, no fresh money is coming in from outside the market either, so the price lacks the momentum to climb back on its own. I wouldn’t chase a rebound at these levels. I’d wait to see either a reclaim of $1.1729 or signs of a bottom forming around $1.14 before making a call.
