$XRP Faces $41.4M Derivatives Shakeout as Trader Confidence Dips — Will $2.77 Support Hold?

#XRP is in the spotlight once again — but this time, it’s not for a bullish breakout. Instead, the popular altcoin has suffered a $41.4 million liquidation event in the derivatives market, shaking trader confidence and raising fresh concerns about the asset’s short-term trajectory.

Now trading around $2.98, XRP is down 16% from its July peak of $3.66, reflecting both broad market weakness and internal turbulence that has led to a noticeable decline in open interest and liquidity.

Massive #Liquidations Trigger #Volatility One of the most significant events pressuring XRP's price has been the 24-hour liquidation of $41.4 million in XRP derivative contracts. Notably, $39 million of this was from long positions, underscoring a wave of forced selling as bullish bets unraveled.

This liquidation has pushed open interest in XRP futures down to $8.13 billion, marking a 26% drop from July’s high of $10.94 billion. This drop in futures activity is a strong signal of diminishing confidence among #leveraged #traders .