XRP Bulls Wiped Out as Derivatives Market Suffers Sharp Cleanup

XRP's derivatives market experienced a sharp cleanup of leveraged positions over the past 24 hours, leaving bulls caught off guard. The price drop was minor, with XRP falling by just 2.2% to a local low of $1.014, but for traders using high leverage, this move triggered a domino effect. The first forced calls pushed the price lower and automatically liquidated subsequent market participants.

The result was an enormous imbalance between buyer and seller losses, with bears escaping minimal losses of $330,620 while bulls incurred massive losses of $9.60 million. According to CoinGlass data, total XRP liquidations over the past 24 hours reached a staggering $9.93 million. This highlights just how heavily leveraged the buyer camp had become.

The market has now cleared out speculative excess, making the price structure healthier in the medium term. However, large investors will need to hold the psychological $1.0300 level to avoid triggering another round of margin calls.