As XRP falls below the psychological support level of $3, selling pressure is intensifying across the global cryptocurrency market. Over the past 24 hours, approximately $464.7 million worth of positions were forcibly liquidated, causing a sharp decline not only in XRP but also in major altcoins. The large-scale liquidation of long positions in a short period seems to have further stimulated market anxiety.
According to cryptocurrency data platform CoinGlass, about $380 million of the total liquidation occurred in long positions, accounting for approximately 82% of total liquidations. Particularly, XRP dropped to $2.96 during trading, marking its lowest level since August 6th. Currently, it is trading at $2.98 on the Bitstamp exchange.
XRP showed the highest decline among the top 10 cryptocurrencies by market capitalization, excluding Solana (SOL), falling by more than 4% in a day. Solana recorded the worst performance, plummeting by over 5% during the same period.
Market experts are pointing to $2.81 as a critical support level for XRP in the short term, as approximately 1.7 billion XRP were concentrated at this price point. They warn that if this price collapses, additional downward pressure could intensify.
Bitcoin (BTC) was not exempt from this downward trend. During Friday's trading, Bitcoin was pushed down to $115,059, testing the potential breach of major support lines. The market demonstrated its continued high volatility compared to traditional financial markets, with position liquidations and liquidity imbalances overlapping.
Market analysts advise traders to pay close attention to US interest rate policies, future inflation indicators, and macroeconomic news to resolve uncertainties. Some analyses suggest that for XRP to attempt a structural rebound, it needs to recover trading volume and re-enter the $3 range.
This large-scale liquidation once again showed that cryptocurrencies can experience incredibly rapid price adjustments even after short-term rises. Both traders and investors need to consider risk management and psychological support levels at this point.
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