XRP Support Level Looms as Long Liquidations Wipe Out Bulls

XRP (XRP) has cleared resistance liquidity but now faces a crucial test at the $1.36 support level, according to analyst Pelinay.

Last week, XRP climbed to $1.69 but met strong resistance and pulled back to around $1.40, where it currently trades.

Pelinay notes that long liquidations reached about $4.66 million, a 31.82% increase in one day, which is nearly four times higher than short liquidations of around $1.13 million.

The removal of these leveraged positions could help create better conditions for a rebound later, but for now, the bearish move remains intact.

XRP's Money Flow Index (MFI) has fallen to 35.89, showing that buying pressure behind XRP's earlier rise has weakened considerably, and while it has not yet entered the technically oversold area, there is still room for further weakness.