$610 million liquidation event shakes XRP – Is a recovery possible?

On October 11, a record $610 million in long positions were liquidated, marking the largest event in XRP’s history. This led to significant margin calls, surprising many traders and causing a sharp price drop.

Following this, XRP’s Open Interest plummeted from over $2.8 billion to approximately $1.4 billion. While some signs of stabilization in Open Interest and Funding Rates are emerging, traders remain cautious as they navigate the ongoing market volatility.