Why Is XRP Down Today? Three Reasons According to Onchain Data

$XRP price saw a sell-off over the weekend, with liquidations accelerating in the last 24 hours. At the time of writing, $XRP was down 3.43% in the last 24 hours to $0.969 and down 17% weekly.

Onchain data platform CoinGlass seeks to answer why $XRP's price is down. Its analysis, generated from the past 24 hours of futures, spot and ETF data, points to three indicators that help explain the pressure on $XRP.

First is a 'long squeeze,' which increased selling pressure on the price. Long traders have taken the biggest hit during the latest decline. CoinGlass data shows that $XRP long liquidations reached $43.17 million over the past 24 hours, accounting for about 91% of total liquidations.

Second, open interest has fallen as traders, largely longs, close positions. $XRP open interest has fallen 5.53% in the past 24 hours to $2.03 billion.

Thirdly, $XRP is currently in negative funding at -0.0082%. Negative funding in perpetual futures markets means that short sellers are paying long sellers to keep positions open, a sign traders are bearish on the market.

Possible reversal ahead?

$XRP fell for 10 straight days from November 5 to November 14, 2026. Price lost momentum after losing the daily MA 200 at the close of October. The cryptocurrency lost another crucial support in early October, the daily MA 50, weakening bulls.

Stablecoin supply is shrinking fast, dropping $17 billion over the last month, the steepest drop since 2022. As holders swap stablecoins to fiat, they drain buying power from BTC and crypto, analysts at Glassnode said.

It will be watched if buying power returns to the market; according to Bitwise CEO Matt Hougan, "There will be a big buying opportunity at some point, but it's hard to say when."

The daily RSI has entered oversold levels, with the possibility of a relief rally in the coming session. Such a recovery, if sustained, will target the daily MA 50 and 200 at $1.25 and $1.30. Further downside is expected to find support at $0.77.