XRP falls to an 11-week low as leveraged long positions unwind, while Bitcoin and Ethereum extend losses amid mounting regulatory uncertainty and broader cryptocurrency market weakness. XRP declined toward $1.10 late Sunday, November 8, as a cryptocurrency market sell-off triggered widespread liquidations and pushed major digital assets to their lowest levels in more than two months. The Ripple-associated cryptocurrency fell approximately 4.4% during Sunday’s trading session, declining from $1.164 to around $1.112, according to historical market data. XRP briefly touched $1.104, extending its recent losses and approaching its weakest levels since August.
The downturn coincided with more than $1 billion in cryptocurrency derivatives liquidations over a rolling 24-hour period, according to CoinGlass figures cited in market reports. Approximately $931 million involved leveraged long positions, indicating that traders anticipating higher prices suffered the overwhelming majority of forced closures. Bitcoin declined toward $73,708, while Ethereum fell approximately 5% to $2,223 during late Sunday trading, according to Reuters. Other major cryptocurrencies, including Solana, Cardano and Dogecoin, also recorded substantial losses.
XRP Long Liquidations Accelerate as Derivatives Positions Unwind
XRP derivatives markets experienced particularly concentrated selling pressure as falling prices triggered automatic closures of leveraged positions. Data compiled by Liquidate.Fun showed approximately $30.8 million in XRP liquidations during November 8, including $30.2 million in long positions and $614,000 in shorts. The most intense liquidation activity occurred between 21:00 and 22:00 UTC, when approximately $28 million in XRP positions were liquidated. The largest individual closure involved a $1.8 million long position on Hyperliquid.
The figures illustrate how leverage amplified the decline. When cryptocurrency prices fall below required margin thresholds, exchanges automatically close undercollateralized positions, potentially generating further selling pressure. Separate market data from Liqwall showed XRP derivatives open interest near $1.27 billion early Monday, November 9, down approximately 3.3% over the preceding 24 hours. Earlier Sunday reports had recorded significantly smaller liquidation totals because they preceded the evening sell-off. Those figures should not be interpreted as conflicting estimates covering identical periods. The concentration of long liquidations suggests that bullish positioning had become vulnerable to sudden market declines, particularly as broader cryptocurrency sentiment deteriorated.
Regulatory Concerns and Bitcoin Weakness Pressure Cryptocurrency Markets
The decline followed a difficult trading week marked by institutional fund withdrawals, cryptocurrency security concerns and uncertainty surrounding the regulatory outlook following the U.S. midterm elections. Reuters reported that investors were assessing the prospect of stricter cryptocurrency oversight under a Democratic Party-controlled Congress. Market sentiment had also been affected by a reported $6 billion Binance security incident, adding to concerns about counterparty risk and exchange infrastructure.
Institutional demand remained another source of pressure. U.S. spot Bitcoin ETFs recorded approximately $1.28 billion in net outflows during the November 2–6 trading week, according to Farside Investors data cited by crypto.news. For XRP, the $1.10 region has emerged as an immediate price level attracting market attention. A sustained decline below that area could expose additional leveraged positions, although liquidation heatmaps represent estimated exposure rather than guaranteed future selling. Conversely, stabilization would depend partly on renewed spot-market demand and an easing of broader selling pressure. The latest decline underscores XRP’s sensitivity to market-wide leverage unwinding, with its immediate trajectory increasingly influenced by Bitcoin’s performance, derivatives positioning and investor appetite for cryptocurrency risk.