I just reviewed the liquidation data and XRP is taking a brutal hit today. The cryptocurrency market lost nearly $285 million in liquidations over 24 hours, but the interesting part is how the damage was concentrated on Ripple Labs' longs: $3.22 million liquidated versus just $504K on shorts. The imbalance reached 537%, so those expecting a rebound got the worst part.

The strange thing is that XRP rose 0.37% to $1.31 on the ( chart, now at $1.41), but that didn't save anyone. Traders positioned for a move toward $1.50 found that the token lacked strength and kept bouncing between $1.32 and $1.28. That was enough to trigger cascading liquidations across exchanges.

The context doesn't help either. XRP closed Q1 with a 27.1% drop, the worst since 2018. Additionally, technically against Bitcoin, things look ugly: some analysts talk about a possible 41% lower if the pressure continues. The 24-hour volume dropped to $21.59M, so even interest is evaporating. Some traders still believe April could be different (historically XRP has good months in April), but for now, the momentum is completely broken.