XRP is trading at $1.2505, testing the critical $1.2292 long liquidation level with a 54% probability of a move to that mark within 24 hours, according to CoinGlass derivatives data. The asset closed October with a decline of almost 19%, a drop attributed primarily to the $6.3 billion hack of the Binance exchange that impacted the broader cryptocurrency market.
Derivatives Data and Support Levels
CoinGlass data indicates that XRP is currently pinned to the floor of its recent trading range. At the current rate of $1.2505, the critical level for long liquidations sits at $1.2292. The probability of the price testing this specific level within the next 24 hours is calculated at 54%. From above, the price faces resistance from a block of short sellers positioned at the $1.4292 level.
The market has cleared a significant amount of excessive leverage during the October sell-off. A total of $37.6 million in long positions were forcibly closed during the month. The sell-off at the lows activated large buy orders, and the current liquidity map points to the formation of local support. The $1.20–$1.25 range remains the main foundation for this support structure.
Technical Indicators and ETF Flows
Technical analysis from TradingView confirms the significance of the current price action. On the weekly chart, XRP is trading directly on the key 200-week moving average, which ranges from $1.25 to $1.28. This level is historically significant as it was the point from which a vertical price increase began in August. The daily oscillator has dropped to the 36.85 mark, a zone that has historically preceded upward trend reversals.
Additional pressure on the price came from the results of the Ripple Swell conference. The introduction of the new RLUSD stablecoin, which takes over Ripple’s institutional products including custodial services for Coinbase and Robinhood, temporarily reduced direct demand for XRP. As a result, the assets of U.S. XRP ETFs corrected to a range of $1.42–$1.47 billion due to the token price drop. Inflows into these funds have frozen near zero.
The immediate price action depends on buyer strength at the current support levels. If buyers hold the $1.2292 line and return the price above the daily average at $1.3145, the current marks will establish as the official bottom. Conversely, a breakdown below $1.20 would open the path to the August lows, which are located around $0.98–$1.00.
Frequently Asked Questions
What is the current probability of XRP hitting the $1.2292 level?
CoinGlass data indicates a 54% probability that XRP will test the $1.2292 long liquidation level within 24 hours from the current rate of $1.2505.
How did the Binance hack affect XRP prices in October?
The $6.3 billion hack of the Binance exchange was the main driver behind XRP’s almost 19% drop in October, which dragged down the entire market before large buy orders activated at the lows.
