XRP Price Plunges as Heavy Leverage Unwinds on Bitfinex

XRP's price has taken a hit, currently trading at $1.41, down 1.61% today.

The sharp decline is attributed to heavy leverage on Bitfinex beginning to unwind.

Data shows that XRP long positions on the exchange surged from 4.9 million in June to a peak of 6.45 million in late August, one of the largest leverage buildups this cycle.

However, these positions have since fallen back to 5.62 million as longs get flushed out of the market.