In the past 24 hours, XRP has experienced significant liquidations on the perpetual futures market. The total liquidation of XRP derivatives during this period exceeded $780,000, with 97.43% of the liquidations coming from long positions betting on a rise in XRP's price. Several factors contributed to the collapse of these long positions, including a promising price increase followed by a sharp rejection and selling pressure, resulting in a 3.37% overall decline in XRP. It remains uncertain what will happen next, but there are indications that XRP may stabilize around the $0.50 mark, which has served as a dynamic price support line since June 2022.



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