XRP Short Liquidations Surge 7,494% on Binance; Leverage Hits 2026 High

According to Xaif Crypto, XRP short liquidations on Binance surged approximately 7,494% to 3,863.66 recently, as bullish momentum forced bearish positions to unwind. The spike occurred despite XRP exchange reserves remaining relatively stable, indicating the surge was primarily driven by overleveraged short positions being cleared rather than a sudden supply inflow.

CryptoQuant data shows XRP traders are simultaneously expanding leverage exposure, pushing Binance's Estimated Leverage Ratio (ELR) to its 2026 high. The higher ratio, which measures the relationship between futures positions and XRP reserves, reflects increased trader confidence but also creates potential for sharper market swings. XRP is currently trading at $1.18 according to CoinCodex, with whale accumulation during recent dips helping the asset recover toward a two-week high near $1.28.