XRP traders faced a sharp unwind on Monday, September 28, 2026, as long liquidations reached $10.88 million during a broader crypto market selloff. Total XRP liquidations stood at $11.99 million, with bullish positions accounting for nearly 9.8 times the losses of shorts, which totaled $1.11 million, according to CoinGlass data. XRP slid to $1.47 at the lows, erasing almost all of its weekly gains after hitting $1.62 on September 25.
The decline was not isolated: liquidations across crypto markets reached about $378 million as investors weighed inflation concerns. Traders now look to the upcoming U.S. nonfarm payrolls and unemployment data for signals on Federal Reserve rate expectations. XRP-focused events are also scheduled in October, including XRP Seoul on October 3 and Ripple Swell from October 27 to 29, while several XRP Ledger amendments have proposed activation dates during the month.
Separately, the XRP ecosystem is dealing with the aftermath of the Bitget breach. CEO Gracy Chen said private keys were not compromised; attackers reportedly gained access to Bitget’s internal systems in the $351.6 million attack. Around 103 million XRP was taken and divided into five holding accounts. By Saturday, two wallets holding 20 million XRP each had been nearly emptied, and subsequent tracking showed funds moving beyond the original wallets. At about $1.54 per token, the stolen XRP was worth roughly $160 million, equivalent to about 4% of XRP’s daily trading volume of $4.4 billion.
Because XRP is the native asset of the XRP Ledger, it cannot be frozen in the same way as issued tokens. Recovery therefore depends on where the funds are moved and whether exchanges can restrict withdrawals. Bitget said its protection fund would cover the total loss of approximately $387.5 million, with withdrawals resuming in stages from September 28 through October 2.
At the same time, Ripple’s dollar-pegged stablecoin RLUSD has pushed its circulating supply to approximately 2.49 billion tokens, up from the $2 billion milestone reported in August. On the XRP Ledger, total stablecoin value stood near $1.19 billion, of which RLUSD accounted for more than 92%. RLUSD launched in December 2024 on both XRP Ledger and Ethereum, but data suggests its growth as a payments-and-treasury product has not translated directly into equivalent XRP demand.
