XRP long positions were suddenly wiped out over the past 24 hours. Total market liquidations have reached around the $285m level, but when looking at XRP alone, long traders have lost $3.22m, while shorts have lost only about $0.5m. This imbalance is said to have reached 537%. In other words, the crowd that expected a rise was all hunted down at once.

The price is currently trading around $1.43 and is nearly flat on a day-over-day basis. However, over the past 7 days, it has dropped by about 2.5%. Traders seemed to have built positions aiming for a rebound to $1.50, but after that, price action stalled within a range of $1.28 to $1.32. As a result, leveraged trades were rapidly processed and triggered forced stop-outs. Trading volume is active at over $2 billion, but price movement remains weak.

XRP finished the 第1四半期 down 27.1%, marking a major decline not seen since 2018. Some traders appear to be holding positions expecting the historic strength in April, but for now, the price trend has not been confirmed. Technically, there are also risks of a 41% drop versus Bitcoin, and given the current market environment, conditions are likely to remain harsh.