XRP enters leverage reset as Binance-led liquidations hit both sides

ambcryptoPublished on 2026-01-07Last updated on 2026-01-07

Abstract

XRP is undergoing a leverage reset as repeated liquidation waves on Binance wiped out both long and short positions between January 5-7, indicating market instability rather than a clear directional trend. On January 5, short liquidations surged to $24.4M, led by Binance, while long liquidations spiked to $22.9M the following day. Despite the deleveraging, long accounts still represent 69% of total positions, showing crowded and fragile bullish exposure. Derivatives activity, particularly on Binance, continues to dominate short-term price action, with XRP’s movement remaining reactive to futures flows rather than sustained spot demand.

XRP has entered a leverage reset phase after a series of Binance-led liquidation waves wiped out both long and short positions.

These positions were wiped over several consecutive days, showing growing instability in derivatives positioning rather than a clear directional move.

Binance dominates XRP liquidation activity

Data from liquidation trackers shows that between 5 and 7 January, XRP experienced repeated forced unwinds across major exchanges. Binance consistently accounts for the largest share of liquidations.

The events unfolded unevenly, with liquidation pressure swinging sharply between shorts and longs as price trended lower.

XRP sees Short and long liquidations spike without follow-through

On 5 January, XRP traded around $2.35 as short liquidations surged to roughly $24.4m, compared with about $3.9m in long liquidations.

Binance alone contributed nearly $8m of that short-side wipeout, far exceeding activity on Bybit, OKX, and other venues.

Rather than triggering sustained upside follow-through, the move was quickly absorbed.

The pattern flipped a day later. On 6 January, long liquidations spiked to approximately $22.9m, while short liquidations fell to just under $9m.

Binance again led volumes, alongside notable long-side liquidations on Bybit and OKX. XRP’s price slid toward $2.30. This indicates that leverage was being cleared without establishing a durable support level.

By 7 January, liquidation pressure eased but remained skewed toward the long side, with around $8.4m in long liquidations versus less than $1m in shorts.

XRP traded closer to $2.20, extending its gradual decline despite repeated leverage flushes.

XRP positioning remains crowded despite deleveraging

The persistence of liquidations alongside falling prices suggests a deleveraging process rather than a directional squeeze.

Liquidation spikes occurred both during brief rebounds and subsequent pullbacks, pointing to unstable positioning rather than aggressive spot-driven accumulation or distribution.

This interpretation is reinforced by Coinglass’s XRPUSDT positioning data. As of 7 January, long accounts still represented roughly 69% of total positions, with a long-to-short ratio near 2.3.

Despite this long-heavy skew, long liquidations continued, implying that traders repeatedly rebuilt bullish exposure into weakness — only to be forced out again as price failed to stabilize.

Derivatives continue to drive short-term price action

Taken together, the data shows XRP trapped in a leverage-heavy environment where derivatives activity is dominating short-term price action.

While Binance remains the central venue for liquidation flows, the broader signal is not one of trend confirmation, but of fragile conviction and repeated position resets.

Until liquidation pressure subsides and positioning stabilizes, XRP’s price action is likely to remain reactive to derivatives flows rather than driven by sustained spot demand.

Final Thoughts

Repeated XRP liquidations across both longs and shorts point to a leverage reset, not a directional breakout.
Binance’s consistent dominance in liquidation volume highlights how derivatives positioning is driving price action, not spot demand.

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