XRP Slips Below $1.29 Amid $220M Crypto Long Liquidations

XRP lost momentum following a brief rebound to $1.40, falling below $1.29 as the broader cryptocurrency market faced renewed selling pressure, according to CryptoNews. The downturn coincided with widespread market liquidations across digital asset platforms.

Liquidations and Exchange Inflows

Reports indicated that more than $220 million in cryptocurrency long positions were wiped out within a 12-hour window as major assets declined. During the same period, Bitcoin fell to approximately $81,000 and Ethereum dropped to around $2,300.

In addition to the liquidations, large XRP holders moved significant amounts of the token to exchanges. Crypto analyst Darkfost reported that whales transferred $112.4 million worth of XRP to Binance, marking the highest volume in seven months. According to BeInCrypto, this activity signaled an increase in selling pressure for the asset.

Market Rebound Context

Despite the recent market activity, the current weekly rebound remains modest when compared with performance seen in September. Over the preceding four weeks, the fund recorded $18.5 million in new inflows, contrasted with $75.6 million received during the week ending September 25 alone.

Key facts

• XRP fell below $1.29 after a brief rebound to $1.40.
• Over $220 million in crypto long positions were liquidated within 12 hours.
• Bitcoin and Ethereum declined to around $81,000 and $2,300, respectively.
• Large holders transferred $112.4 million worth of XRP to Binance, representing a seven-month high.