Ripple (XRP) experienced significant volatility over the past 24 hours, with its price falling from $3.04 to $2.98 and breaching the critical $3 psychological support level. According to CoinGlass data, a total of $7.93 million worth of XRP positions were liquidated during this period, with longs accounting for $7.21 million and shorts only $718,000, creating a record 903% liquidation imbalance.
The sell-off was not isolated to XRP. Ethereum (ETH) saw $61.5 million in long liquidations versus $4.14 million in shorts, while Bitcoin (BTC) recorded $35.1 million in total liquidations, with $33.1 million coming from long positions. This pattern suggests a market-wide weakening of buyer appetite.
Analysts Versan Aljarrah (founder of Black Swan Capitalist) and Jim Willie argue that institutional investors are deliberately suppressing XRP's price to accumulate at lower levels. Willie claims that without this pressure, XRP could have reached $7-$8 based on recent price movements. They view XRP as a liquidity alternative to the US dollar, with institutions taking long-term positions.
XRP is currently holding at the $2.90 support level, but trading volume has declined by 28.6% to $3.83 billion, indicating cautious investor sentiment. Many market participants are reportedly awaiting October, which historically sees crypto market rallies.
