XRP Bulls Reel as $2.12M in Liquidations Hits Over Weekend

XRP bulls were dealt a significant blow as the cryptocurrency's price continued to slide over the weekend. According to data from Coinglass, total XRP-related liquidations reached $2.12 million in just 24 hours, with long positions accounting for $1.99 million of that amount.

The imbalance between short and long liquidations suggests that leveraged traders betting on further gains have absorbed most of the recent losses. This comes as XRP's broader market activity weakens, with a 0.26% decline in price over the past day and a 0.15% drop in its market capitalization to approximately $68.2 billion.

The launch of Ripple Mint, a platform designed to give institutions a unified way to access, mint, redeem and manage Ripple's RLUSD stablecoin, has also raised questions about XRP's utility. Some market observers argue that growing adoption of Ripple's infrastructure does not necessarily create direct demand for XRP, as institutions can use RLUSD for payments and settlement without needing to acquire XRP.

XRP is currently trading within a relatively narrow $1.06 to $1.10 range, with Bollinger Bands beginning to contract again on higher timeframes. Historically, extended periods of contraction and sideways trading have sometimes preceded significant moves in either direction. However, the current technical structure also raises the possibility of another prolonged period of range-bound price action if XRP fails to establish a clear catalyst for a sustained breakout.