XRP fell to $1.38, down 2.5% over 24 hours, as more than $800 million in leveraged crypto positions were liquidated in the same window. Bullish bets accounted for $694 million of that total — roughly 86%. About $595 million of the wipeout landed in the final 12 hours, after Bitcoin slipped below $81,000.
The flush wasn't contained to crypto. South Korea's KOSPI dropped more than 6%, dragging on risk assets across Asia and giving leveraged traders one more reason to head for the exits.
A market running on borrowed conviction
When 86% of liquidations are longs, the damage says less about any single coin and more about positioning. The sell-off didn't start with XRP. It started with a broader retreat that hit high-beta names hardest, and the tokens with the most crowded bullish books were the ones that paid.
Bitcoin's dip below $81,000 was the trigger point. Once that level broke, margin calls did the rest. The $595 million that cleared in the last 12 hours of the window tells you the cascading happened late and fast, not gradually.
SanDisk futures out-liquidate XRP
One of the stranger details from the past day: SanDisk perpetual futures saw $19.5 million in liquidations, slightly more than XRP's $18.78 million. It's a reminder that in a leverage flush, the pain gets spread around in ways that don't always track market cap or narrative. If traders were leaning long on SanDisk perps with the same conviction they had on majors, they got the same treatment.
Where XRP sits now
At $1.38, XRP is pressed up against the upper edge of its $1.35–$1.38 support area. The structure is range-bound to bearish, and price is trading below nearby moving-average resistance. The line that matters in the near term is $1.38 itself, where a trendline and the 200-day EMA converge.
Hold above that and the door opens toward the 20-day EMA near $1.44. A daily close above that average would improve the short-term setup. Beyond that, the broader upside markers sit at $1.61 and $1.69 — but neither comes into play without a clean reclaim of resistance first.
The base case from here is consolidation between roughly $1.35 and $1.44. The bull case needs buyers to defend $1.3798 and push through $1.4441. The bear case is a close below $1.3520, which would weaken the structure and expose further downside, with the $1.20 support scenario framing the risk beyond the immediate range.
The meme-token corner keeps building
Amid the wreckage, Maxi Doge ($MAXI) is still in its raise, an Ethereum ERC-20 meme token built around a 240-lb canine mascot and a 1000x-leverage trading persona. It's priced at $0.0002843 with $4.8 million raised so far. The token offers 60% APY staking rewards, holder-only trading competitions with leaderboard rewards, and a Maxi Fund treasury earmarked for liquidity and partnerships. How that pitch lands with a market that just watched $694 million in longs get liquidated is a question the raise itself will answer.
The immediate test for XRP is whether $1.38 holds on a daily close. Below it, $1.3520 becomes the line between a range and a trend break.
