XRP traders just got hit hard — and most of them didn’t see it coming. In the last 24 hours, XRP dropped 9%, briefly hitting $1.95 before finding any kind of support. For a $130 billion asset, that’s a bit of a shocker. But the real impact wasn’t reflected in the XRP price chart — it was in the derivatives, where the liquidation numbers paint a one-sided picture.
CoinGlass says that $32.07 million of XRP was liquidated. Out of that, $31.10 million came from longs. Shorts were barely touched, with only $965,810 liquidated, showing a crazy 3,222% difference between the two sides. It was a total wipeout of one direction.
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There was a headline behind the move, and the drop didn’t come out of nowhere; the broader market was already on edge, with absurd levels of optimism showing up in pockets of crypto despite the chaos unfolding globally.
Source: CoinGlass
Traders were still stacking leverage as if the noise didn’t matter, but the reality caught up fast. Once the news hit, the reaction was sharp enough to start the unwinding.
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Now it’s textbook long squeeze territory: inflated long exposure, liquidation flow heavily skewed and no strong bid stepping in after the damage. Even after the 9% drop, XRP’s open interest hasn’t disappeared much, which suggests the leverage isn’t gone, just bruised. This means there’s a chance things could get a bit more unpredictable.
For XRP, the price reset happened really quickly. For long traders, it was a blunt reminder: When sentiment breaks and you’re overexposed, there is no floor — just the exit.
