[DigitalToday reporter Yoonseo Lee] XRP undergoes large liquidations concentrated in long positions amid a broader market downturn.

On Oct. 7 (local time), blockchain outlet U.Today reports that XRP position liquidations totaled $12.5 million over the past 24 hours. Liquidations of long positions came to $11.96 million, while short liquidations totaled $540,210.

That widened XRP's long-short liquidation imbalance to 2,213 percent. Over the same period, XRP fell 3.48 percent to $1.44.

The move coincides with risk-off sentiment across the broader crypto market. Across the market, positions worth $671.8 million were liquidated over 24 hours, with long liquidations accounting for $541.14 million. Short liquidations totaled $66.22 million.

Major altcoins also weaken across the board. Ethereum, Dogecoin (DOGE), Cardano (ADA), Uniswap (UNI) and Shiba Inu (SHIB) post declines of 6 to 11 percent. XRP also comes under pressure from the broader market decline, but it is hit harder in positioning than in price.

Until the selling pressure intensifies, the market appears to have placed more weight on further gains. XRP's 2,213 percent liquidation imbalance suggests that as prices turn lower, liquidations are concentrated in leveraged long positions. Investors betting on a rise shoulder most of the forced-liquidation losses.

Investors are watching macro events scheduled for this week. One is the release of minutes from the U.S. Federal Open Market Committee (FOMC), as markets look for clues on the Federal Reserve's monetary policy decision-making process.

The Federal Reserve decided at its September meeting to raise interest rates for the first time since 2023. Traders are currently pricing in a 78 percent chance that rates will be held at the next meeting. Against that backdrop, caution ahead of macro indicators and policy signals appears to have led to a broader reduction in crypto positions.

On the XRP Ledger (XRPL) side, the market is focusing on the possible activation of three amendments this week. The 'Permissions Delegation', 'Batch' and 'fixBatchV1_2' amendments are expected to be activated this week if validator support remains above 80 percent. 'Permissions Delegation' is expected to be activated on Oct. 8, while 'fixBatchV1_2' is expected to be activated on Oct. 9 along with 'BatchV1_1'.

Conditions are strict. Validator support must stay above 80 percent throughout the period, and if it falls to 80 percent or below even once, the amendment is rejected and the 14-day timer starts again. As a result, in the short term, both price volatility tied to macro events and whether the XRP Ledger amendments are actually activated remain factors to watch.