XRP experienced a sharp price drop, leading to a $412,000 liquidation imbalance within an hour, primarily affecting long positions. CoinGlass data revealed that short positions accounted for only $3,200 in liquidations, indicating significant overleveraged long exposure. The price fell from $2.425 to $2.3817, driven by forced liquidations rather than active selling. The sudden collapse was attributed to overleveraged long positions built during a stable period above $2.40, which unraveled as sell pressure increased. Currently, XRP is consolidating between $2.38 and $2.36, with expectations of sideways movement unless new capital inflows occur.