Key notes
- The price of XRP fell to $2.20 before rebounding to $2.35 at press time.
- $1.9 billion of open interest was wiped out across exchanges in just 12 days.
- The falling wedge pattern indicates a potential recovery, with resistance near $2.50.
XRP is currently trading at $2.35, up more than 6% in the past 24 hours, after a very volatile week that saw the asset fall from $2.50 to $2.20. Despite the recovery, XRP is still down 25% over the past month and is trading roughly 39% below its all-time high of $3.84.
according to Data From CryptoQuant The latest move represents a broad market reset, as speculative positions have been cleared across the board. Between October 6 and October 18, total open interest (OI) in XRP futures fell by 65.5%, falling from $2.9 billion to just $1 billion.
$1.9 billion in liquidations
This represents a whopping $1.9 billion in liquidations and capital outflow from the derivatives market. Meanwhile, Binance, the largest venue for XRP futures, bore the brunt of the wipeout as its OI fell from $1.32 billion to $480 million.
XRP OI across all exchanges | Source: Cryptoquant
Interestingly, analysts at CryptoQuant describe the move as a long squeeze sequence, where the initial drop in prices led to forced liquidations of over-leveraged long positions, exacerbating the selling pressure and sending the market lower in a feedback loop.
XRP price forecast: chart analysis
XRP 4-hour chart reveals A falling wedge pattern, usually a bullish reversal formation. After testing the lower trend line near $2.20, XRP started moving Unification Towards the upper border of the wedge, it is currently hovering around $2.35.
Immediate resistance is at $2.50, a break above which could open the way towards $2.75 and $3.10. Meanwhile, support levels remain at $2.10 and $1.90. A breakdown below could reignite the bearish momentum towards $1.70.
XRP Price Action with Momentum Indicators | Source: Trading View
On the other hand, momentum indicators are neutral, with the Relative Strength Index at 44.48, indicating moderate recovery potential. The MACD remains near zero, and the CMF (+0.04) indicates slow capital inflows after heavy outflows.
CryptoQuant analysts call this a “full market reset,” suggesting that the market now stands at a healthier baseline. Despite being at a major crossroads, XRP is still one of the most important currencies Best cryptocurrencies to buy in 2025gaining more than 300% in the past year.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information but should not be considered financial or investment advice. Since market conditions can change rapidly, we encourage you to verify the information yourself and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the world of cryptocurrencies and finance, amassing industry experience having survived both bear and bull markets over the years. Barth is also the author of four self-published books.
The post XRP Reset: Billions in OI Wiped Out as Prices Touch $2.20 first appeared on Investorempires.com.
