XRP long positions absorbed $1.99 million of the $2.12 million in liquidations recorded over the past 24 hours, leaving leveraged bulls carrying most of the losses. The token slipped toward $1.09 as trading volume thinned and questions resurfaced over whether Ripple’s RLUSD growth feeds XRP demand.
XRP bulls faced heavy losses on Saturday, with long positions accounting for $1.99 million of the $2.12 million liquidated over the past 24 hours. Short liquidations, by contrast, totaled $127,430. The imbalance suggests that traders using leverage to bet on further XRP gains absorbed most of the recent losses.
The pressure showed up on a shorter timeframe too. Over the past 12 hours, liquidations reached $257,760, split between $169,790 in longs and $87,970 in shorts.
XRP market activity weakens
The liquidations landed as XRP’s broader market cooled. The token was down 0.26% over the past 24 hours, while its market capitalization declined 0.15% to approximately $68.2 billion. Trading volume, meanwhile, fell 26.59% to $785.29 million, suggesting reduced activity across the market.
Ripple Mint revives XRP utility debate
The price weakness coincided with the launch of Ripple Mint, a platform designed to give institutions a unified way to access, mint, redeem and manage Ripple’s RLUSD stablecoin. Announced on Wednesday, the platform aims to address operational challenges tied to institutional use of RLUSD, offering built-in controls alongside programmatic access for automation.
Ripple Mint’s launch nevertheless renewed a longstanding debate over XRP’s role in Ripple’s institutional strategy. With RLUSD’s market capitalization reaching approximately $1.5 billion, some market observers argue that growing adoption of Ripple’s infrastructure does not necessarily create direct demand for XRP. Because institutions can use RLUSD for payments and settlement without acquiring XRP, growth in the stablecoin ecosystem may not translate into buying pressure for the token.
XRP nears trendline support
A three-day decline has pushed XRP toward approximately $1.09, closer to a key trendline support level. The token is trading within a relatively narrow $1.06 to $1.10 range, while Bollinger Bands are beginning to contract again on higher timeframes, suggesting volatility may be declining as the market enters another period of consolidation.
A sustained move below the $1.06 support area could increase bearish sentiment, while a recovery above the upper end of the range could give bulls an opening to regain momentum.
Source: U.Today
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