Coinbase Markets Flags 97% of XRP Net-Long Exposure Opened Above $1.31

97% of XRP Net-Longs Above Entry

Coinbase Markets, the exchange's markets arm, has flagged a heavy build-up of losing bullish wagers in XRP's contract trading market. In a statement on its official X account, the unit reported that 97% of net-long notional exposure in the XRP derivatives market was opened at prices above the $1.31 market price recorded at the time of its reading. The largest single cluster of that exposure carries an average entry price of roughly $1.40. Even with the XRP price back near $1.34, most of that cohort remains below its entry, and the exchange warned the setup adds fragility whenever the token struggles to recover.

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Traders carrying those losing longs face a choice between two paths. Some may add to their bets in anticipation of a recovery, while others may close positions to keep losses from widening. The risk the exchange highlighted sits with the second group: if XRP slides again, traders using margin trading in particular could be pushed toward forced exits, and the selling that follows would press the price lower, triggering further closures in a self-reinforcing loop. A recovery would cut the other way, letting holders keep positions open or even add to them.

The exchange also drew a boundary around what its figure covers. The 97% rate describes net derivatives positioning only, so it does not mean 97% of all XRP investors are underwater. Spot buyers who entered at lower levels fall outside the measurement entirely, which counts just the difference between long and short derivative positions opened at specific entry levels.

Glassnode Maps a $20 Million Short Wall

Data from analytics firm Glassnode adds the other side of the book. Its methodology computes, for every entry price level, the difference between outstanding long and short exposure: a positive figure means longs outnumber shorts at that level, a negative one the reverse. That approach tracks directional bias by price level rather than by wallet, so it captures where conviction clustered, not who holds it. Read through that lens, the market shows a sizable net-short concentration around $1.49 and $1.50, where the largest negative cluster exceeds $20 million in notional value.

The result is a two-sided and uneven positioning map. Losing longs are stacked below the price, heaviest near $1.40, while a wall of shorts waits above it near $1.50. Context sharpens the picture: the reading arrives after a week in which XRP bounced 2.8% to $1.33 after a 14.5% weekly slide tested $1.30 support, following a stretch in which the token lost its entire summer range, and after fund-flow reports showed XRP and ZEC spot ETFs recorded $14.87 million in net outflows on Thursday.

One caveat tempers the chart. Entry-price clusters are not liquidation prices. Where a trader actually faces a forced exit depends on leverage size, margin requirements and collateral structure, none of which the cluster data discloses. A $1.40 entry held with high leverage behaves very differently from the same entry held unlevered, so the $1.40 and $1.50 zones mark where exposure is concentrated, not where positions necessarily unwind.

Our own composite scoring frames the terrain that Coinbase Markets described. The nearest strong support sits at $1.3101, scored 84 out of 100, almost exactly the level above which the flagged longs were opened, while the strongest resistance cluster is $1.4169, scored 96 out of 100, just above the $1.40 average entry. Positioning remains mildly long-tilted: funding runs at 0.0071% on the perpetual and the long/short account ratio stands at 3.29. The broader structure still reads as a bear market, so a relief rally would need to clear $1.4169 to change that read, while losing $1.3101 would sharpen exactly the exit pressure the exchange warned about. Full level-by-level detail sits in our XRP technical analysis.