XRP Price Drops 3.32% Amid Leverage Liquidation and Market Pullback

XRP's price dropped by 3.32% over the last 33 hours due to a post-rally correction driven by overheated leverage and profit-taking.

The recent surge in XRP's price, which saw it rise by 44-51% from around $1.00 to $1.48-$1.69, was largely fueled by derivatives liquidations and a broad market pullback.

Derivatives data showed that XRP's leverage ratio hit its highest level since January on Binance, with open interest reaching around $3.45 billion and long positions outnumbering shorts roughly 2 to 1 or 3 to 1 among top traders.

The combination of a high-leverage rally and a broad market pullback led to a sharp decline in XRP's price, with about $18.9 million of XRP positions being liquidated over a recent 24-hour window.