XRP
XRP Declines 10% Following Regulatory Setback and $40 Million in Liquidations
XRP retreated to $1.27 amid broader market weakness and legislative headwinds, triggering the largest long liquidations in weeks.
XRP dropped almost 10% to retest a low of $1.27, marking its lowest level in over a month. The price decline occurred after the token faced technical resistance around the $1.50 level and coincided with market-wide pressure following legislative setbacks surrounding the CLARITY Act.
Data from CoinGlass indicates that the sharp correction triggered $40 million in leveraged position liquidations over a 24-hour window, with long positions accounting for more than 95% of the total. This represented the largest volume of long liquidations for the asset since August 22.
Despite the market pullback, on-chain metrics reported by AMBCrypto showed 85 new wallet addresses accumulating more than one million XRP. In parallel, Ripple maintained its focus on payment infrastructure by participating in a $10 million funding round for Velocity, a startup utilizing stablecoins for cross-border settlements.
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More on XRP All pieces →
- Neutral Grayscale Allocates 26% to XRP in New Next Gen Crypto Portfolio
- Neutral Ripple Affirms XRP Regulatory Standing Following Senate Rejection of CLARITY Act
- Neutral XRP Drops to $1.27 Following CLARITY Act Failure and Technical Breakdown
- Neutral XRP Top 10% Holder Threshold Drops to 2,120 Tokens Amid Network Wallet Growth
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