XRP Price Plunges as Bitfinex Leverage Unwinds

XRP is experiencing a decline in value, trading at $1.41 as of today's market data, down 1.61% from its previous price.

This decrease can be attributed to the unwinding of heavy leverage on Bitfinex, which had accumulated significant long positions in XRP.

In June, XRP long positions reached 4.9 million, but by late August, this number peaked at 6.45 million, one of the largest leverage buildups seen so far in the cycle.

However, as the market adjusts, these positions have since fallen to 5.62 million, with traders now watching whether XRP will find support or continue its downward trend.