XRP bulls suffered significant liquidations on Saturday as the cryptocurrency continued to trade under pressure.
Over the past 24 hours, total XRP-related liquidations reached $2.12 million, according to liquidation data from Coinglass, with long positions accounting for $1.99 million.
Short liquidations, meanwhile, totaled $127,430. The imbalance suggests that leveraged traders betting on further XRP gains have absorbed most of the recent losses.
The pressure was also visible over a shorter timeframe. During the past 12 hours, total liquidations reached $257,760, including $169,790 in long positions and $87,970 in shorts.
The liquidation figures come as XRP’s broader market activity weakens. The token is down 0.26% over the past 24 hours, while its market capitalization has declined 0.15% to approximately $68.2 billion. Trading volume has fallen 26.59% to $785.29 million, suggesting reduced activity across the market.
XRP currently has a total supply of approximately 99.98 billion tokens, with a maximum supply of 100 billion. About 62.53 billion XRP are in circulation, while the cryptocurrency has approximately 544,970 holders.
Ripple Mint raises questions about XRP utility
The latest XRP price weakness coincides with the launch of Ripple Mint, a platform designed to give institutions a unified way to access, mint, redeem and manage Ripple’s RLUSD stablecoin.
Announced on Wednesday, Ripple Mint aims to address some of the operational challenges associated with institutional use of RLUSD. The platform provides a dedicated interface with built-in controls and oversight, while also offering programmatic access for automation and system-level integrations.
Through Ripple Mint, institutions can mint and redeem RLUSD directly from the source, bridge the stablecoin across supported networks, monitor funds throughout the transaction lifecycle and integrate RLUSD into internal systems and workflows.
The launch has nevertheless renewed a longstanding debate surrounding XRP’s role in Ripple’s institutional strategy.
With RLUSD’s market capitalization reaching approximately $1.5 billion, some market observers argue that growing adoption of Ripple’s infrastructure does not necessarily create direct demand for XRP.
Institutions can use RLUSD for payments and settlement without needing to acquire XRP, potentially limiting the extent to which growth in Ripple’s stablecoin ecosystem translates into buying pressure for the XRP token.
This dynamic has contributed to a more cautious market narrative around XRP, particularly as the token continues to struggle to establish sustained bullish momentum.
XRP approaches key technical support
The three-day decline has pushed XRP toward approximately $1.09, bringing the cryptocurrency closer to a key trendline support level.
XRP is currently trading within a relatively narrow $1.06 to $1.10 range. At the same time, Bollinger Bands are beginning to contract again on higher timeframes, suggesting that volatility may be declining as the market enters another period of consolidation.
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Historically, extended periods of contraction and sideways trading have sometimes preceded significant moves in either direction. However, the current technical structure also raises the possibility of another prolonged period of range-bound price action if XRP fails to establish a clear catalyst for a sustained breakout.
For now, the combination of heavy long liquidations, declining spot trading activity and questions surrounding the relationship between RLUSD adoption and XRP demand is keeping the token under pressure.
A sustained move below the $1.06 support area could increase bearish sentiment, while a recovery above the upper end of the current range could provide bulls with an opportunity to regain momentum. Until either scenario develops, XRP may remain vulnerable to further volatility as leveraged traders reassess their positions.
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