The XRP derivatives market experienced a sharp cleanup of leveraged positions, trapping bullish buyers. Out of $9.93 million in total liquidations over 24 hours, $9.60 million came from leveraged longs, versus only $330,620 for shorts, representing a 2,809% imbalance. A mere 2.2% drop in XRP price, from $1.037 to $1.014, was enough to trigger an automatic liquidation cascade for overleveraged traders. The market has since recovered in a V-shape to $1.040, now holding around $1.0307, with the psychological $1.0300 level becoming a crucial support to defend.
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