XRP Slips Below Support Following Cascade Liquidations
Key Summary
XRP dropped 6.41% over five days to settle at $1.1799 after derivative liquidations topped $30M across global exchanges. Binance absorbed the majority of the losses as long positions accounted for 95.54% of wiped margin accounts. Meanwhile, Binance completed a zero-knowledge proof of reserves snapshot covering ten major assets following an October security breach.
Key Bullets
- XRP dropped 6.41% over five days to close at $1.1799 after aggressive long liquidations swept through derivatives markets.
- Binance absorbed $8.06M in forced liquidations as long positions accounted for 95.54% of total daily trader losses.
- The daily RSI registered at 33.21 while the asset dropped below the 50 EMA and 100 EMA overhead resistance lines.
- Binance completed a zero-knowledge proof of reserves snapshot covering ten major assets following an October security breach.
Long Squeeze Wipes Out XRP Margin
XRP slid 6.41% to settle at $1.1799 by the weekend after a violent series of derivative flushes trapped leveraged buyers, according to liquidation data compiled by CoinGlass. Overleveraged positions collapsed when a sudden market reversal caught bullish traders completely off guard.
Liquidations reached extreme levels by Friday. Volume ran 2.74 times above the weekly average across spot and derivative venues.
Binance Bears Brunt of Liquidations
Exchange-level order books monitored by CoinGlass showed that long positions accounted for 95.54% of daily losses worth $16.01M out of a total $16.75M. Short sellers faced minimal exposure, sustaining just $746K in losses during the squeeze.
Binance absorbed the heaviest impact among global trading venues. Leveraged positions totaling $8.06M were forcibly liquidated on the platform as more than 3,600 traders globally lost their full account deposits.
Margin calls triggered automated sell orders that cascaded down the order book.
Technical Indicators Point Toward Danger
TradingView price charts revealed a long upper wick on the weekly candle. Every bullish attempt to buy the dip above $1.22 encountered aggressive selling pressure from market makers.
The asset settled below both the 50 EMA and the 100 EMA. The 100 EMA hardened into strict overhead resistance at $1.271.
The RSI registered at 33.21 following a bearish divergence that fully materialized on lower timeframe charts. The next major downside trigger sits at $1.1588 where derivative data isolates the nearest long pain zone.
Binance Publishes Zero Knowledge Snapshot
Binance completed a zero-knowledge proof of reserves procedure for a snapshot taken October 31, according to an official corporate announcement published November 2. The disclosure followed a late-October security incident that forced the exchange to freeze select withdrawal corridors and initiate emergency asset recovery protocols.
Public filings and exchange records show the cryptographic attestation covers ten major cryptoassets, including Bitcoin, Ether, USDT, BNB, Solana, USDC, and XRP.
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