- XRP long liquidations reached five-month highs as prices weakened significantly.
- Binance and Bybit open interest declined amid reduced leverage activity.
- EGRAG highlighted historical June declines suggesting continued trader caution ahead.
XRP recorded its largest long liquidation event since February as falling prices forced leveraged traders to exit bullish positions. According to CryptoQuant data, nearly $9 million in long positions were liquidated on June 25 while open interest across major exchanges continued to decline, reflecting weaker participation in the derivatives market.
XRP briefly dropped to $1.02 on June 26, its lowest level since February, before recovering to around $1.06. However, the rebound failed to restore confidence as traders continued reducing leveraged exposure. According to CryptoQuant, liquidation pressure intensified once XRP approached the $1.07 level. Consequently, approximately $9 million worth of long positions were wiped out during the selloff. The figure marked the largest long-liquidation event recorded since February 5.
Binance accounted for nearly half of the total liquidations. The exchange registered about $4.5 million in forced long position closures as prices extended their decline. The data suggested many leveraged traders had positioned for higher prices before the market turned lower.
Meanwhile, short liquidations remained relatively limited throughout the decline. As a result, bearish traders experienced minimal pressure while bullish positions absorbed most of the losses.
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Open Interest Drops Across Major Exchanges
Besides the liquidation surge, derivatives activity weakened across leading cryptocurrency exchanges. Open interest declined as traders closed positions and reduced leveraged exposure. Binance XRP open interest fell to approximately $205 million. According to CryptoQuant, it marked its lowest level since March 22. The decline reflected reduced speculative participation following the recent market weakness.
Similarly, Bybit posted a comparable trend. XRP open interest on the exchange declined to roughly $185 million, returning to levels last seen on June 6. The figures reinforced the broader slowdown across XRP derivatives markets. Lower open interest often signals that traders are exiting existing positions instead of opening new ones. Consequently, overall participation remained subdued despite XRP recovering from its weekly low.
Historical June Trend Remains in Focus
In a separate market update, crypto analyst EGRAG CRYPTO reports that XRP has repeatedly posted notable declines in June during U.S. midterm election years. Data shared by the analyst showed the token fell 17% in June 2014, 39% in June 2018, and 32% in June 2022.
As of late June 2026, XRP had already declined about 25% for the month. According to EGRAG CRYPTO, the average June decline during previous midterm years stands at roughly 29.3%. Based on that historical pattern, XRP could trade near $0.94 if the average decline repeats.
A move matching the deepest historical decline of 39% would place XRP closer to $0.81. Although historical performance does not guarantee future results, the comparison highlighted the magnitude of prior June corrections in similar market cycles.
Together, the recent liquidation wave, declining open interest, and historical market performance continued to reflect cautious sentiment among XRP traders. While prices recovered modestly from recent lows, derivatives data has yet to show stronger participation or renewed bullish momentum.
Conclusion
XRP’s largest long-liquidation event since February coincided with declining open interest across major exchanges and continued weakness in derivatives activity. Although the token recovered from its weekly low, traders remain cautious as they monitor whether historical June trends will continue influencing price action.
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