- XRP hit its lowest price since February as $9 million in long liquidations hit the market.
- Binance XRP open interest dropped to a three-month low as leveraged positions declined.
- Analyst EGRAG noted XRP has fallen sharply in June during every U.S. midterm election year.
XRP extended its decline this week as a wave of long liquidations and falling derivatives activity displayed growing caution across the market. The token dropped to $1.02 on June 26, its lowest level since February, after leveraged bullish positions were forced out during one of the largest liquidation events recorded in several months.
At the same time, open interest on major derivatives exchanges declined, showing that many traders reduced or exited their leveraged exposure as prices weakened. Although XRP later recovered to trade around $1.06, market data continued to reflect lower participation and a more restrained trading environment.
Long Liquidations Intensify During Price Decline
The decline, according to Cryptoquant data, accelerated after XRP slipped toward $1.07, resulting in approximately $9 million in total long liquidations on June 25. The figure marked the largest long-liquidation event since February 5, according to the data.
Binance represented nearly half of the total, recording about $4.5 million in long liquidations. The increase in forced closures showed that many leveraged traders expecting higher prices were removed from the market as XRP continued its downward move.
Market data also indicated that short liquidations remained small throughout most of the period. This implied that bearish traders faced limited pressure while long positions absorbed the majority of the losses during the selloff.
Open Interest Declines Across Major Exchanges
The liquidation event coincided with a decline in derivatives positioning across leading trading platforms.
Binance XRP open interest fell to approximately $205 million, its lowest level since March 22. The reduction pointed to a decrease in leveraged exposure following the recent market move.
Bybit recorded a similar trend, with XRP open interest falling to roughly $185 million, returning close to levels last seen on June 6.
Historical June Pattern Remains in Focus
In a separate market analysis, analyst EGRAG CRYPTO pointed to the token’s historical performance during June in U.S. midterm election years. According to the data shared, XRP declined 17% in June 2014, 39% in June 2018, and 32% in June 2022. As of late June 2026, the token was down about 25% for the month.
Based on those historical declines, the analyst noted that the average June drop during midterm years is approximately 29.3%, implying a price near $0.94 if the pattern were to continue. A repeat of the steepest historical decline, around 39%, would place XRP closer to $0.81.
Taken together, the recent liquidation wave, declining open interest, and historical June performance suggest traders remain cautious despite XRP’s modest recovery from recent lows. While the reduction in leveraged positions may ease short-term selling pressure, market data has yet to show clear signs that bullish momentum is returning.
Related: XRP Will Bottom at $0.86 Before Rebounding to $9—Analyst
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