The 24-hour liquidation data confirms the bearish momentum with $14.88 million in long XRP positions liquidated and $1.02 million in short positions liquidated from the total $15.89 million in closed positions.
In just the 12-hour period, $5.02 million in long positions were liquidated. This suggests that much of the recent selling pressure was due to long-term traders being caught off guard by the news from JPMorgan.
If XRP's open interest continues to decline towards $4.5 billion, the spot price action could test key support levels at $2.20 and $2.10.
Technically, a recovery towards $2.45 remains possible if XRP holds the support at $2.20 and derivative open interest recovers the $5 billion level.