XRP remains heavily exposed to downside liquidations, with substantially more leveraged longs positioned below the market than shorts sitting above it.
At the Nov. 6, 04:46 UTC snapshot, XRP traded at $1.2047, while a five-exchange liquidation model covering Binance, Bybit, OKX, Gate and Hyperliquid estimated $123.4 million in long-liquidation exposure within 5% below price.
By comparison, modeled short-liquidation exposure within 5% above XRP stood at only $22.1 million.
That leaves approximately 5.6 times more leveraged long exposure below spot than short exposure above, based on our calculation.
$1.1953 Is XRP’s First Major Liquidation Level
The nearest downside cluster sits at $1.1953, only 0.78% below the $1.2047 reference price.
The model estimates approximately $11.8 million in long liquidations around this level.
Below that, the concentrations become increasingly important:
- $1.1846: approximately $10.6 million
- $1.1600: approximately $10.8 million
- $1.1325: approximately $17.3 million
- $1.1291: approximately $22.9 million
The $1.1291 region contains the largest individual downside cluster in the displayed model.
However, it sits 6.27% below the reference price, meaning it is outside the model’s $123.4 million calculation for exposure located within 5% of spot.
This produces a stair-step downside structure.
A break below $1.1953 would put $1.1846 into focus first. Continued weakness could then expose $1.16 before the heavier $1.13-$1.12 region becomes increasingly relevant.
The setup also overlaps with previous technical analysis identifying lower XRP support extending toward $1.10 if the current support structure fails.
XRP Longs Have Already Taken Heavy Losses
The downside imbalance remains notable because leveraged longs have already absorbed substantial liquidations.
Alpha Finance estimated approximately $17.1 million in XRP long liquidations over 24 hours, compared with only $522,300 in short liquidations.
That means long liquidations were nearly 33 times larger than shorts during the period, based on our calculation.
Despite that wipeout, substantial modeled long exposure remains below the current market, showing that the latest deleveraging has not completely removed downside liquidation risk.
This follows a period in which XRP has repeatedly tested its broader support structure as selling pressure across the crypto market intensified.
Short Liquidation Clusters Are Much Smaller Above XRP
The upside side of the map is considerably lighter.
The largest modeled short-liquidation cluster shown above price sits at $1.2541, approximately 4.1% above spot, with an estimated $3.8 million at risk.
Additional short clusters appear around:
- $1.2578: $2.7 million
- $1.2768: $3.2 million
- $1.2807: $2.6 million
- $1.3000: $2.9 million
A recovery into the $1.25-$1.28 region could therefore begin forcing some short positions to close, but the available liquidation fuel above price remains much smaller than the modeled exposure below.
The area also overlaps with the recent recovery threshold, with previous analysis placing XRP’s first meaningful upside confirmation around $1.27.
What Happens if XRP Loses $1.19?
The liquidation structure does not mean XRP must fall toward the largest clusters.
These levels are modeled estimates, not publicly disclosed stop orders. Exchanges do not provide complete data on each trader’s leverage, entry price, margin mode or exact liquidation point.
Still, the map shows where forced selling could become increasingly concentrated if price continues lower.
A break below $1.1953 would place XRP directly into the nearest long-liquidation pocket. Continued selling could then expose $1.1846 and $1.16, with the heavier $1.13-$1.12 zone further below.
Conversely, a recovery through $1.2541-$1.28 would move XRP away from the densest long exposure and begin putting pressure on leveraged shorts.
For now, $1.19 is the immediate liquidation test, while $1.25-$1.28 remains the first region XRP must reclaim to materially improve the short-term derivatives setup.