XRP encounters the most severe liquidation wave of the month, with over $5 million in forced liquidations yesterday. The price plummeted from above $2 to $1.85, with a weak rebound and clear pressure on the bulls.

According to on-chain data analysis, this decline is not merely a technical adjustment. Macroeconomic risk aversion sentiment is intensifying, risk assets are being sold off en masse, and high-multiplier leveraged positions have become amplifiers. A major exchange contributed approximately $1.05 million in forced liquidations, becoming one of the key drivers of the volatility.

From a technical perspective, XRP is still under pressure from moving averages. Sellers are defending the range of 2.20–2.40, while buyers are trying to support around 1.85. A short-term turnaround requires regaining the levels of 2.10–2.20; otherwise, there is a risk of further downward testing. In the context of tightening liquidity, such high-beta assets are more likely to be hit first. To reverse the situation, bulls need to wait for macro risk aversion sentiment to ease or for a significant breakthrough of key technical levels.