XRP traded near USD 1.16 on November 8, after losing approximately 7% over the previous week as cryptocurrency markets faced selling pressure. CoinGlass data showed USD 9.57 million in XRP futures liquidations over 24 hours, with long positions accounting for most of the total.
XRP closed November 7 near USD 1.16, its lowest daily close in 30 days. The cryptocurrency fell from approximately USD 1.31 on November 4 to USD 1.21 on November 5. Selling continued over the following two sessions, taking the price below USD 1.20.
According to CoinMarketCap, XRP lost approximately 7% over seven days, while its market capitalization stood near USD 73.95 billion. The token traded between USD 1.15 and USD 1.18 during the latest 24-hour period, with trading volume approaching USD 1 billion.
The decline also forced traders to close leveraged XRP positions. CoinGlass recorded USD 9.57 million in liquidations over 24 hours, with approximately USD 9.27 million coming from long positions. Those trades accounted for about 96.5% of the liquidated value. Long liquidations occur when exchanges close positions because traders can no longer meet margin requirements.
The largest single liquidation across cryptocurrencies recorded by CoinGlass during the period involved an XRP long position on Hyperliquid worth roughly USD 952,940. XRP futures open interest stood near USD 2.75 billion. The liquidation figures show that traders betting on higher prices bore most forced closures, although they do not establish the sole cause of XRP's decline.
US spot XRP ETFs recorded no net flows on November 3, 4, 5 or 6, according to ETF flow data. On November 2, Canary Capital's XRPC fund recorded approximately USD 530,000 in withdrawals. The five tracked funds ended the week without a day of positive net inflows, even as cumulative inflows since launch remained near USD 1.81 billion.
As of November 6, XRP ETFs held approximately USD 1.34 billion in combined net assets. However, changes in their asset values reflect both XRP price movements and investor inflows or withdrawals. Therefore, a decline in assets does not necessarily mean investors withdrew an equivalent amount. Over the previous 30 trading days, the funds recorded approximately USD 139.7 million in net inflows.
Former Ripple chief technology officer David Schwartz also responded to criticism about XRP's prolonged decline. Asked whether he had any influence over the token's price, “I guess probably not nothing. But very little,” Schwartz replied.
Schwartz stepped back from daily work at Ripple in 2025 but remains a board member. His remarks addressed criticism rather than identifying a cause of the market sell-off.
Meanwhile, US banking regulator OCC records show that Ripple National Trust Bank's charter became effective on October 26. Ripple says the trust bank will support RLUSD reserve management and digital asset custody.
XRP traders are watching the USD 1.12 support area and USD 1.18 resistance level, while the US Bureau of Labor Statistics has scheduled its October inflation report for November 10.
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