XRP Bulls Suffer Heavy Liquidations Amid Ripple Mint Launch and Technical Support Test

XRP has seen significant liquidation imbalance in recent days, with long positions accounting for $1.99 million of the total $2.12 million in XRP-related liquidations over the past 24 hours, according to Coinglass data.

This imbalance suggests that leveraged traders betting on further XRP gains have absorbed most of the recent losses, keeping the token under pressure.

The launch of Ripple Mint, a platform designed to give institutions a unified way to access, mint, redeem and manage RLUSD stablecoin, has also raised questions about XRP's utility in the context of growing adoption of Ripple's infrastructure.

With RLUSD's market capitalization reaching approximately $1.5 billion, some market observers argue that growth in Ripple's stablecoin ecosystem does not necessarily create direct demand for XRP.