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A mass liquidation of short positions has taken place on the cryptocurrency market. XRP’s long lull in the $1.02 to $1.06 range pushed bears to open large leveraged trades, but a sharp upward price impulse completely destroyed their plans.
The surge in activity amid the broader market rally led to the forced closure of margin positions worth more than $634 million across the entire crypto market over the past 24 hours. Against this backdrop, a strong imbalance emerged, as the lion’s share of total market losses — around 73% — fell specifically on short sellers, according to CoinGlass.
Within the XRP ecosystem, the situation was even more one-sided: bears accounted for almost 80.6% of all local losses on the coin. Despite the liquidation wave that has already passed, the main point of maximum pain for large XRP sellers still remains above current values — at $1.30953, where $5.79 million in capital is concentrated.
The path to $1.30: XRP key levels to watch now
Nevertheless, the current price surge to $1.0829 has already reduced the distance to this critical mark to 20.93%, directly matching the breakout momentum and putting short sellers within the critical 20% threshold of their ultimate max pain zone. This rapid shift was enough to trigger the first protective stop orders at intermediate levels.
Technically, the breakout of the key resistance level at $1.0525 pushed XRP asset to its current values, but overbought indicators are already signaling local overheating. This suggests that the upward impulse has temporarily exhausted itself at this point, and buyers need a pause.
Since the first wave of liquidations has been completed, the market needs short-term consolidation. The most likely scenario for the coming hours is a slight pullback toward the previous resistance level near $1.065 for XRP, with the aim of testing it as reliable support.
If this level holds, the asset will gain a strong foothold for a further medium-term move toward its main target at $1.30953.
U.Today Editorial Team
Dan Burgin
