XRP Grabs for Support at $1 Amid Overwhelming Liquidation

XRP is clinging to its $1 support level after falling over 8% so far this week. According to CoinGlass data, a massive liquidation occurred in XRP long positions, with 97.11% wiped out in the last 24 hours.

Derivatives metrics also favor the bears, with XRP's short bets rising and negative funding rates. The technical outlook suggests that XRP's next directional move depends on whether the key $1 support level holds.

The broader crypto market remained under pressure this week, with Bitcoin slipping to a fresh yearly low of $58,115 on Thursday. This triggered a massive liquidation in the crypto market, and XRP followed suit.