XRP Liquidations Reach $12.8M as Longs Take the 24-Hour Hit
XRP is showing a clear liquidation-skew problem: $9.7M of long positions were liquidated over the past 24 hours, versus $3.1M in shorts, while total open interest climbed 3.2% to $2.4B. The combination points to leverage being added into a market that is still capable of forcing bullish accounts out of crowded trades.
Recent market coverage links XRP's wobble to firmer Treasury yields while also highlighting ETF demand and squeeze speculation.
OI is rising, but not evenly
The largest concentration remains on Binance, where XRP OI stands at $466.9M, equal to 19.2% of the tracked total. Its 24-hour change is only 0.7%, but the shorter four-hour change is negative at -4.8%, suggesting that some leverage has already been reduced during the latest move. Bybit holds $324.1M, or 13.4%, with OI up 1.6% over 24 hours and 0.8% over four hours. Gate accounts for $341.8M, or 14.1%, but its OI is down 1.0% over 24 hours and 3.4% over four hours.
Bitget adds $246.1M, representing 10.1%, and rose 1.7% over 24 hours even as its four-hour OI fell 1.7%. OKX is smaller at $109.0M, or 4.5%, with a 2.2% daily increase and a 0.8% four-hour decline. Across the market, the one-hour OI change is -1.4%, which reinforces the impression that the latest liquidation wave is forcing a short-term reset inside a still-large leverage base.
Funding confirms a crowded long side
The average funding rate is 0.0026% for the eight-hour cycle, but the venue spread is more revealing than the average. Bybit is charging longs 0.0045%, OKX 0.0049%, and Gate 0.0052%, while Bitget is at 0.0100%. Binance is the exception at -0.0005%, with negative readings also appearing on EdgeX at -0.0050%, LBank at -0.0006%, and MEXC at -0.0006%.
This dispersion suggests that long demand is strongest on several high-volume venues, even though some contracts have already flipped slightly in favor of shorts. A positive funding rate does not guarantee an immediate drop, but alongside long-heavy liquidations it shows that bullish leverage is paying to remain in the trade while the market is removing some of that exposure.
Accounts are far more bullish than takers
The positioning split is the sharpest warning. Across the reported venues, 74.8% of accounts are long, while active taker flow is only 62.1% long. Binance accounts are 71.9% long, compared with 61.8% long among takers. On OKX, accounts are 73.7% long, but takers are only 53.0% long. Gate shows the same tension: 67.8% of accounts are long against 55.0% of takers.
Bybit and Bitget have the most extreme account positioning at 78.2% and 82.7% long, respectively. That matters because passive account positioning can remain bullish after aggressive buyers have stopped adding risk. The divergence leaves the market vulnerable to another long flush if price weakens before taker demand catches up.
The liquidation windows confirm that path. Four-hour liquidations reached $4.5M, including $4.3M in longs and only $180.7K in shorts. Over 12 hours, long liquidations rose to $5.7M against $2.6M in shorts. The largest reported events were long liquidations near $1.4703 and $1.4668, worth $735.2K and $389.0K.
Verdict: the near-term bias remains liquidation-heavy rather than cleanly bullish while XRP trades around $1.4918, with total OI at $2.4B and Binance carrying $466.9M. A break below $1.4703 would expose the long-side structure to further stress, while a move toward $1.4668 would test the area of the largest recorded flushes. This view is invalidated if XRP reclaims $1.4918 with OI rising from $2.4B and taker positioning moving materially closer to the 74.8% account-long reading. Data as of 04:05 Beijing time on Sep 30, covering Binance, OKX, Bybit and other major venues.