The last week of February began with one of the most intense stress tests of the month for the digital assets market. According to CoinGlass, there were total liquidations of $435.64 million across exchanges over the past 12 hours, with long positions accounting for $393.43 million of that total.
Although XRP was not the main focus, it was definitely in the mix, with $9.02 million in liquidations over 12 hours as leveraged longs were pushed out.
24H Liquidation Heatmap, Source: CoinGlass
Leveraged buyers were caught leaning the wrong way and were forced out. When this kind of overleveraging is removed, the price often rebounds simply because sell pressure tied to margin calls disappears. XRP’s 1.91% four-hour bounce fits that pattern. However, it was a derivatives reset, not a confirmed reversal.
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Why sell-off may not be over for XRP
Liquidations change the market's composition. However, they do not automatically change the trend. That is where the chart comes in.
On the daily time frame, the XRP price is below the Bollinger midline and the $1.42-$1.45 zone, which previously acted as support but now acts as resistance. The lower Bollinger band is near $1.29.
XRP/USD Daily Chart, Source: TradingView
Neither has the price closed decisively at or beyond that band, nor has it formed a typical bottom sequence, such as repeated lower-band tags followed by compression and reclaiming the midline. Instead, the bands are expanding, which usually signals active range expansion rather than base building.
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The next thing to watch is a daily close back above the midband, which would suggest stabilization. In contrast, a break below and acceptance of the $1.29 per XRP region would suggest that the downside leg is not over. The liquidation wave eliminated leverage, but the structural decision is still pending.
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