XRP bulls suffered a severe liquidation shock over the past 24 hours, with total liquidations reaching $2.12 million, of which long positions accounted for a staggering $1.99 million compared to just $127,430 in shorts — a 2,205% imbalance, according to Coinglass data. In the most recent 12-hour window, additional liquidations totaled $257,760, skewed $169,790 long versus $87,970 short. This heavy flushing of leveraged longs underscores fading bullish momentum and growing market caution.
The pressure comes alongside a broader weakening in XRP market activity: the token slipped 0.26% to around $1.09, market cap dipped 0.15% to $68.2 billion, and 24-hour trading volume plummeted 26.59% to $785.29 million. The token is now hovering just above a critical trendline support near $1.06, while Bollinger Bands contract on higher timeframes, suggesting a prolonged consolidation or potential breakdown.
Compounding the bearish sentiment is the launch of Ripple Mint, a platform enabling institutions to seamlessly access, mint, redeem, and manage Ripple's RLUSD stablecoin. Announced on Wednesday, Ripple Mint offers programmatic integration and direct issuance, fueling RLUSD's market cap to approximately $1.5 billion. However, critics highlight that increased RLUSD adoption does not inherently spur demand for XRP, as institutions can use the stablecoin without holding the native token. This has reignited a long-standing debate about XRP's actual utility within Ripple's growing ecosystem, with some arguing that the stablecoin's success may even dilute XRP's role in cross-border settlement.
The confluence of heavy long liquidations, shrinking trade volumes, and fundamental questions about XRP's demand driver has left the token vulnerable. A sustained breach below $1.06 could escalate bearish pressure, while a recovery above $1.10 might offer bulls a chance to regroup.
