XRP price has crashed by 12.22% today, July 24, to trade at $3.04. Long buyers were caught off guard after the price failed to move after VERT’s $130 million offering on XRP Ledger. With sentiment shaken, one question now lingers: can XRP still make its way to $6?
XRP Price Crashes, Wipes Out $105M Longs
XRP’s 12% drop hit long traders the hardest. According to Coinglass data, the traders with open long positions expecting the price to increase are now deeply in the red with more than $112 million in liquidations in the last 24 hours.
While the figure is just a fraction of the more than $889 million total liquidations across the market, it is a significant number for the Ripple price. This is because out of the $112 million, $105 million were long buyers who are frantically leaving the market in what is now one of the biggest long squeezes in 2025.
The $94 million figure was even higher than Bitcoin’s $76 million, which is not a common occurrence considering that BTC leads the pack in terms of open interest. For example, BTC’s open interest stands at $82 billion, 8 times higher than XRP’s $9.08 billion.
The timing of this crash trapped many buyers who had bought on July 23, expecting that the XRP price was going to surge after Brazil’s VERT tapped XRP Ledger to tokenize a $130 million debt instrument.
Rally to $6 Still Likely If Key Support Holds
There might be hope for those traders who are looking forward to XRP reaching $6. This is because, when looking closely at the daily chart, this drop has also formed a cup and handle.
The behaviour of XRP in the last seven days might be what it needs before it resumes its upward journey. However, the only way that will occur is if the price can move past $3.39, after which a 91% rally to $6 might happen.
Additionally, XRP had created a golden cross on July 21, and this could also give the price a breather. History might just be repeating itself because the last time the XRP price created a golden cross in August 2024, traders were left waiting for five months before the price finally gained by more than 500%.
This correction is also happening a few days after an analyst predicted that XRP might reach $15, and as CoinGape reported, the analyst based their target on a bull flag pattern that remains in play.
Although the 11% correction has affected the short-term sentiment, there is still the possibility of a move to $6. XRP price also remains above support, but without fresh demand stepping in soon, selling pressure could drag XRP toward $1.77.
Frequently Asked Questions (FAQs)
XRP price can still reach $6 if the current pullback confirms a cup and handle pattern that may trigger a 91% rally.
Long liquidations are having a bearish impact on Ripple price as traders choose to sell to close their positions.
The most crucial support for XRP is the 50-day SMA level of $2.47.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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