XRP slid to $1.10, and more than $30 million in long positions were liquidated in derivatives markets over the past five days.

U.Today, a blockchain outlet, reported on Nov. 7 that prices reversed sharply after optimism around XRP spread on Nov. 4. Long positions collapsed at once and cascading liquidations spread across the broader market.

CoinGlass data showed liquidations last Friday jumped to 2.74 times the weekly average. Of the $16.75 million in total liquidations for the day, long-position losses were $16.01 million, or 95.54 percent. Short-position losses were $746,000. On Binance, which had the largest liquidity, $8.06 million in leveraged XRP positions were closed.

The market is viewing the move as a typical long squeeze. Traders added excessive leverage on expectations the uptrend would continue, but as prices turned into a downtrend, forced liquidations followed in a chain. More than 3,600 people were tallied as having lost their entire margin deposits in the process.

On TradingView's XRP/USD chart, the weekly candle entered a closing phase after leaving a long upper wick. That indicates bargain buying and rebound attempts emerged above $1.22, but selling pressure pushed them all down.

Technical pressure also increased. XRP fell below the 50-day and 100-day exponential moving averages. The 100-day line, in particular, has turned into a strong resistance at $1.271. The relative strength index fell to 33.21, and the bearish divergence previously seen on the chart has already played out.

XRP is now around $1.10, already below $1.1588, which CoinGlass earlier presented as the nearest "long pain" zone. Long pain refers to a range where losses on long positions and the risk of liquidation rise as prices fall.

That analysis estimated that if $1.1588 breaks, positions worth about $928,900 could be liquidated additionally. It said selling triggered by forced liquidations could accelerate the decline. It added that the amount is an estimate and should be distinguished from actual liquidations.

With XRP falling below that level, market attention is shifting to whether additional liquidations will occur and whether losses could widen further. As optimistic bets formed after Nov. 4 unwind, a near-term focus is whether buying interest comes in around $1.10 to halt the decline.