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XRP currently trades at $2.35, up over 6% in the last 24 hours, after an extremely volatile week that saw the asset plunge from $2.50 to $2.20. Despite the rebound, XRP remains down 25% over the past month and trades nearly 39% below its all-time high of $3.84.

According to data from CryptoQuant, the recent move represents a full-scale market reset, as speculative positions were purged across the board. Between October 6 and October 18, total Open Interest (OI) in XRP futures crashed 65.5%, falling from $2.9 billion to just $1 billion.

This represents a massive $1.9 billion in liquidations and capital outflow from the derivatives market. Meanwhile, Binance, the largest venue for XRP futures, bore the largest chunk of the wipeout as its OI plunged from $1.32 billion to $480 million.

XRP OI across all exchanges | Source: CryptoQuant

Interestingly, analysts at CryptoQuant describe the move as a long squeeze cascade, where the initial price drop triggered forced liquidations of overleveraged long positions, compounding sell pressure and driving the market lower in a feedback loop.

The 4-hour XRP chart reveals a falling wedge pattern, typically a bullish reversal formation. After testing the lower trendline near $2.20, XRP has begun to consolidate toward the upper boundary of the wedge, currently hovering around $2.35.

Immediate resistance lies at $2.50, a breakout above which could open the path toward $2.75 and $3.10. Meanwhile, support levels remain at $2.10 and $1.90; a breakdown below could reignite bearish momentum toward $1.70.

XRP price action with momentum indicators | Source: TradingView

On the other hand, momentum indicators are neutral with RSI at 44.48, indicating mild recovery potential. The MACD is flattening near zero, and CMF (+0.04) hints at slow capital inflow after heavy outflows.

CryptoQuant analysts call this a “market full reset,” indicating that the market now stands at a healthier baseline. Despite being at a major crossroads, XRP remains one of the best crypto to buy in 2025, gaining more than 300% in the past year.

The post XRP Reset: Billions in OI Wiped Out as Prices Touch $2.20 appeared first on Coinspeaker.

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