Saad Ullah
XRP just survived a brutal $2.46 billion open interest wipeout – and it's holding up better than expected.
On July 22nd, XRP's open interest hit a record $10.94 billion after months of sideways action. But within a week, it crashed to $8.48 billion, wiping out $2.46 billion and dragging XRP down 13% from its $3.60 peak.
The selloff wasn't random. While XRP got hammered, Ethereum bounced 11% off $3.530 support, with capital rotating from XRP back into ETH.
XRP Price Shows Resilience at Key Support
Here's the kicker: XRP/ETH just hit the same support that triggered a 25% bounce in mid-June to mid-July. That move turned into an 80% rally from XRP's $2 base as open interest exploded from $4 billion to $10 billion.
This flush was XRP's biggest since May, when a $980 million open interest drop caused an 11% price fall. This time, the wipeout was nearly three times bigger at $2.46 billion, but price only dropped 10%. That's serious spot buying underneath.
XRP is now coiling between $3.10-$3.20 in a key demand zone. In bull markets, tight ranges after big leverage resets often set up breakout moves.
XRP Price Poised for Breakout Above $3.50
All the flush signals were there: overheated funding, stretched RSI, and realized profits spiking above $1 billion – the biggest since post-election. The $2.46 billion wipeout was textbook market cleanup.
XRP is holding firm structurally, and XRP/ETH sits at bounce territory. If rotation flows reverse, this level could launch a break above $3.50. With leverage overhang gone and strong spot demand, XRP weathered a massive flush with minimal damage.
Saad Ullah
