Speculative traders launched a counterattack to defend the XRP token from a prolonged decline, with over $184 million flowing into long contracts on Binance within hours. This allowed XRP to recover from dropping below $1.30 and post a 5% rebound after a 22.5% correction from September’s high of $1.65. The wave of selling was triggered by US consumer and producer price indices that came in hotter than expected, causing US stock indices to drop. Analysts warn of high risks linked to the concentration of leveraged positions on a single platform, making XRP vulnerable to cascading liquidations and increased volatility in the coming days.
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