XRP leveraged longs see $11.88 million loss as price nears key support at $1.29

The world’s largest cryptocurrency exchange has identified a significant concentration of leveraged long positions on XRP derivatives markets, raising concerns among traders. Nearly 97% of all new long exposure in XRP recently formed around the $1.40 mark. After falling below this price, the majority of these multi-billion dollar positions are facing losses. Traders now face a key decision: whether to increase their margin to support existing positions or accept losses through stop-loss mechanisms. While the exact liquidation levels may differ by position, technical analysis points to an important support level at $1.29, should the token fail to hold $1.31. Currently, XRP is trading above the $1.35 resistance level. Conditions in the derivatives markets have improved compared to the previous day, but significant liquidations have already occurred.

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