XRP’s leveraged market experienced a series of cascading liquidations, with traders who bet on a token rally losing more than $30 million over five days, according to CoinGlass. By Friday, liquidations reached 2.74 times the weekly average, with longs accounting for 95.54 % of daily losses, or $16.01 million out of $16.75 million. More than 3,600 traders lost their deposits entirely, and $8.06 million in leveraged XRP positions were wiped out on Binance. By the weekend, XRP had fallen 6.41 % in the spot market to $1.1799, below key moving averages and facing resistance at $1.271. The $1.1588 level, just 1.79 % lower, is the next long-liquidation zone and could trigger the forced closure of 928,900 positions.
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