XRP derivatives activity on MEXC increased sharply as the cryptocurrency faced renewed selling pressure around the $1 level. Open interest on the exchange climbed nearly 20%, while XRP briefly fell below the psychological threshold before recovering, raising concerns about potential liquidations among leveraged traders.
Data across the broader derivatives market showed total XRP open interest rising 0.86% to $2.25 billion. At the same time, XRP traded at $1.02, down 1.46% over the previous 24 hours.
XRP Liquidations Reach $18.83 Million in 24 Hours
Liquidations across XRP derivatives markets reached $18.83 million over a 24-hour period, with long positions accounting for 94% of the total. The imbalance indicates that traders betting on higher prices absorbed most of the forced closures as XRP struggled to hold its ground.
XRP briefly declined to $0.9961 before moving back above $1. The move placed renewed attention on the $1 level, which remains an important psychological and technical threshold for market participants.
Liquidation data also showed a concentration of leveraged long positions below $1. If selling pressure pushes the price lower again, those positions could face additional forced closures.
The increase in open interest alongside a falling XRP price may indicate that traders are opening additional short positions. However, open interest measures outstanding derivatives contracts and does not independently reveal whether the new exposure is bullish or bearish.
XRP Funding Rates Indicate Modest Demand for Long Positions
Despite the increase in derivatives exposure, XRP perpetual futures funding rates remained slightly positive at 0.0080%. That reading was below the 0.01% baseline, suggesting relatively limited demand for leveraged long positions.
Activity in the spot market also reflected selling pressure. XRP spot trading volume increased 46.7%, while sellers exceeded buyers by approximately $48.2 million.
U.S. spot XRP exchange-traded funds recorded zero net flows on November 12, indicating no net inflows or outflows through those investment products on that date.
XRP's $1 Level Remains a Key Market Threshold
The combination of rising derivatives exposure, heavier spot trading activity and substantial long liquidations has kept attention on XRP's ability to maintain support around $1.
A sustained move below that level could expose leveraged traders to further liquidations, particularly those holding long positions below the threshold. Conversely, stronger buying activity could help the cryptocurrency stabilize above $1.
The nearly 20% increase in MEXC open interest, compared with the 0.86% rise across exchanges, also points to a more concentrated increase in derivatives activity on that platform. Whether this exposure reflects growing bearish bets or other trading strategies cannot be determined from open interest alone.
For now, XRP's performance around $1 remains a central factor for traders assessing market positioning, spot demand and the risk of further liquidations.
Writer: Marcus Renfield Crypto Market Analyst & Onchain Writer
Marcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.
He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.
