XRP Long Liquidations Hit $43.17 Million in Weekend Selloff

$43.17 Million in Longs Cleared

Long traders on XRP absorbed the sharpest losses of the weekend selloff: derivatives data shows $43.17 million of long positions forcibly closed over the past 24 hours, roughly 91% of all XRP liquidations in that window. Only about 9% of the closures came from the short side, so the wipeout ran almost entirely through traders positioned for a rebound. The futures market, where that leverage was parked, did the clearing, and each forced sale pushed the tape closer to the next margin call. The one-sided tally matters as much as the sum: liquidations measure where leverage was crowded, and this crowd was long.

A liquidation of this kind is mechanical: when a leveraged position's margin no longer covers its loss, the venue closes it at market. On a falling tape the loop compounds, which is how a routine pullback turns into a cascade. The closures clustered in the same hours as the steepest part of the price drop, the pattern expected when stops and margin calls sit just below the market. The XRP price slid 3.43% across the same 24 hours to touch $0.969 earlier on Sunday, and at the time of writing it holds near $0.96, taking the weekly loss to about 17%. The pressure built through the weekend, when thinner order books tend to stretch moves in both directions. Perpetual funding, the recurring payment that keeps perp prices tied to spot, had slipped to -0.0082% on Sunday's reading, a configuration in which shorts pay longs and one that usually marks a market leaning bearish. At that level the annualized cost of the subsidy stays small, but its direction matters more than its size: funding tends to flip negative after price has already fallen hard. For XRP, the asset that settles on the XRP Ledger, a layer 1 blockchain protocol, the wipeout landed on top of an already extended decline. The open question is whether the forced selling has flushed enough leverage to slow the slide.

Our composite support and resistance scoring, which rates each level from 0 to 100 by the indicators that converge there, puts the strongest support below the market at $0.8911, scored 73/100, and the strongest overhead resistance at $0.9808, scored 84/100. 24-hour trading volume stands at $2.38 billion as the repricing plays out. Perpetual funding now reads -0.0105%, and the long/short account ratio sits at 3.16, with 76% of accounts still holding long through the drawdown. Read together, the levels and the positioning describe a market crowded long inside a downtrend: a daily close above $0.9808 would relieve the pressure, while a break of $0.8911, close to the recent two-year low of $0.89, would open the next leg lower.

A $17 Billion Stablecoin Drawdown

The open-interest record confirms how much leverage has left the market: XRP open interest fell 5.53% in 24 hours to $2.03 billion, with the reduction concentrated in long-side closures. The price has now fallen for ten straight days, from November 5 through November 14, having logged a ninth straight daily loss before the tenth followed. The moving-average picture explains the persistence: the daily close dropped below the 200-day average at the end of October, and the 50-day average gave way earlier that month, leaving momentum buyers with no technical floor to work from.

The deeper constraint is liquidity. On-chain data shows stablecoin supply shrank by $17 billion over the past month, the sharpest contraction since 2022, as holders converted stablecoin balances back into fiat. Stablecoin balances function in practice as the market's liquidity pool for spot purchases, so the drawdown strips ready buying power from Bitcoin and altcoins alike. Less idle stablecoin buying power means dips get bought with less conviction, one reason the ten-day slide has struggled to find firm bids. Bitwise CEO Matt Hougan has argued that at some point the contraction sets up a large buying opportunity, while cautioning that its timing is hard to predict. The technical setup keeps both paths open. The daily RSI has entered oversold territory, which keeps a relief bounce on the table; a sustained recovery would put $1.25 and then $1.30 back on watch, while a continued slide brings the $0.77 area into play. Our map of XRP technical analysis tracks both sets of levels. Supply adds its own weight, with Ripple scheduled to release 1 billion XRP from escrow on December 1. Whatever the direction from here, the weekend's $43.17 million of cleared long positions stands as the clearest measure of how far the deleveraging actually reached.