XRP fell to $2.12 on January 9, after a symmetric liquidation event on major derivatives platforms that unwound leveraged positions on both the long and short sides. The move forced a short-lived price reset and confined spot trading to a narrow $2.07–$2.17 band.
The liquidation sequence began with an aggressive breakout attempt on January 5 that briefly lifted XRP toward $2.40 and produced roughly $4.4 million in short liquidations on Binance Futures. The market reversed the next day and triggered about $5.5 million in long liquidations, including roughly $1 million on Binance, which pulled price back into the middle of the range and re-established $2.12 as near-term resistance.
Volume patterns reinforced the defensive bid at the lower bound of the range. A notable spike at 14:00 UTC on January 8 saw 154.85 million XRP change hands, about 93% above the 24-hour simple moving average, and a V-shaped rebound carried price from $2.09 to $2.16.
Shorter timeframes remained choppy: a mini flush on January 9 produced a drop from $2.131 to $2.119 before a quick snap back and a failure to sustain gains above $2.135.
Market structure, indicators and institutional context
Technical indicators reflected indecision: hourly momentum measures softened and the RSI drifted below neutral, indicating neither side had clear control. The liquidation-driven moves suggested that short-term direction was being decided more by leverage resets than by changes to underlying fundamentals.
Institutional activity continued alongside these market dynamics. Evernorth, an XRP digital asset treasury company backed by Ripple and SBI Holdings, announced a collaboration with Doppler Finance to explore institutional liquidity and treasury use cases on the XRP Ledger.
Investors and traders are now watching whether support around $2.07–$2.08 holds; sustaining that band would set the stage for another challenge of the $2.17 supply zone, while a decisive break below could reopen downside risk and shift market sentiment toward renewed bearish pressure.
