XRP Faces Harsh Liquidation Blow as Market Shows Subtle Bearish Shift

Despite appearing calm, the crypto market is experiencing intense undercurrents. According to CoinGlass, $229.74 million in crypto perpetual futures were liquidated in the past 24 hours, with long positions accounting for $160.9 million—or a striking 69.69% of the total. The imbalance paints a bearish picture, particularly for XRP.

XRP traders were hit hard, with $12.31 million in liquidations—of which only $963,050 came from short positions. This creates a staggering 1,178% imbalance in long versus short liquidations, indicating excessive optimism from XRP bulls. Despite a modest 5% drop in XRP’s price, the data reveals a dramatic shift in sentiment and over-leveraged long positions.

XRP has now climbed to the third spot in terms of liquidation volume among top altcoins. While this could be seen as a shakeout that clears the path for a rebound, such a thesis remains speculative and requires time to play out.

Meanwhile, Dogecoin traders have committed $1.96 billion in open interest—a sign of strong speculative interest. Although DOGE recently slipped below $0.20 after a five-day rally, data from Glassnode suggests its recent gains were spot-driven rather than fueled by leverage. Still, $0.20 remains a key resistance level.

With DOGE holding steady and XRP’s liquidation imbalance shocking the market, both assets are under close watch. These developments offer a deeper view into trader sentiment and market dynamics, reminding investors of the risks tied to overconfidence and leverage.