The cryptocurrency market continues its downward trend, with a combined capitalization of $3.25 trillion down 2.3%. XRP has been heavily impacted by this bearish wave, experiencing significant liquidation in the past 24 hours. CoinGlass data reveals a staggering $14.8 million in losses from XRP’s over-leveraging, leading to a 181% liquidation imbalance and devastating short and long position traders alike. While this massive liquidation marks a sharp shift in sentiment, it doesn’t tell the whole story of XRP’s current bearish trajectory. The open interest for XRP has also plummeted, down by 6.65% over the past 24 hours. Currently at only 1.86 million contracts, it reflects a drastic decline in trading activity.