At the beginning of the new week, XRP fell below $3, hitting a low of $2.96. According to CoinGecko data, this is the lowest level since August 6, making XRP the second worst performer among the top ten currencies, surpassed only by Solana, which saw a larger decline. The market sell-off pressure also caused Bitcoin (BTC) to drop to around $115,000, barely maintaining the critical level of $115,000. Additionally, during this period, there was a significant liquidation of long positions.
Sales Intensify Large-scale Liquidations
In the past 24 hours, a total of $464.7 million in cryptocurrency positions were liquidated, of which $380 million came from long positions. This indicates that widespread sell-offs quickly eroded leveraged long positions, leading to a price drop. In the case of XRP, the weakening buying momentum from buyers has become evident. The price consistently remains below the $3 mark, making the market sentiment around this altcoin even more fragile.
The weak performance of XRP is also relatively notable. On the CoinMarketCap leaderboard, only SOL had a worse single-day performance than XRP, while Bitcoin's pressure triggered a chain sell-off in altcoins. The short squeeze of leveraged longs exacerbated price volatility, leading to a rapid test of intraday lows.
XRP Price Analysis: The Critical $2.81 Threshold
Technical charts indicate that the $2.81 level is a key reference point for XRP. Previously, around 1.7 billion XRP coins had accumulated near this price level, meaning that falling below this level could significantly weaken risk perception. Although the stability above this level is weak, it may help buyers seek balance.
According to CoinMarketCap data, at the time of this report, XRP was trading at $2.98. Market influencers and exchange data reflect that the fundamental reason for this pullback is widespread selling pressure and liquidations.
