NEW YORK, March 2, 2026, 15:17 EST
- Leveraged crypto traders saw about $358 million in positions wiped out in the past 24 hours, according to CoinGlass data.
- XRP dropped to $1.34 after starting at $1.40, with most of the pain falling on long traders, before ticking back up near $1.35.
- Geopolitics, oil, and shifting rate-cut expectations were the big culprits behind crypto’s latest wild swings, analysts said.
Monday brought another blow for XRP long traders, caught by another wave of forced selling as leverage unwound across crypto markets. According to CoinGlass, roughly $358 million in liquidations hit over the last 24 hours. The price of XRP dropped from $1.40 down to $1.34, then managed to claw back to around $1.35. 1
Oil and gas prices surged, with global equities under pressure as the U.S.-Israeli air campaign targeting Iran escalated. Bitcoin, meanwhile, advanced 4.6% to around $68,706, according to Reuters. “Markets are on edge,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management, calling the reaction a “knee-jerk” shift away from risk. 2
The makeup is key for XRP. The token often trades as a risk-on asset, not a defensive play, whenever the macro picture sours. Liquidations—forced sales when margin calls hit—can quickly magnify what starts as a small move.
XRP’s trading volume slid 36.28% to $2.72 billion, U.Today reported, a move that’s likely to keep the token away from the $1.50 mark for now. The report flagged $1.13 as a spot where losses could accelerate. Long liquidations weren’t limited to XRP: Ethereum saw $49.31 million wiped out, Bitcoin lost $124.76 million, and Solana another $21.56 million in the last day. 3
XRP, linked to Ripple, sees heavy action on the big exchanges—short-term traders pile in. If sentiment tilts, it’s not unusual for XRP to swing past where the market seems headed.
Binance’s official news feed relayed a note from QCP Capital, which put the first leg down to about $300 million in long liquidations but saw the deleveraging as contained. On the crypto options front — where traders hedge or speculate on future moves — QCP pointed to some market players picking up upside exposure for late March. XS.com’s Linh Tran called bitcoin’s action “cautious” near $66,000 to $67,000, blaming the high “opportunity cost” of holding assets without yield. Stephen Coltman at 21Shares, for his part, highlighted inflation pressures from pricier commodities and mounting fiscal deficits. 4
With those dynamics in play, a few crypto outlets are leaning on chatbots to help sketch possible outcomes. CryptoPotato tapped OpenAI’s ChatGPT for its take on the Iran situation; the bot flagged that investors typically “move money out of volatile assets” following geopolitical flare-ups. If tensions escalate, ChatGPT said XRP could drop below $1, potentially posting fresh lows. 5
On Binance Square, crypto news site CaptainAltcoin floated a comparable scenario, this time factoring in the possibility of a U.S.-Iran ceasefire. According to the post, such a development might send Bitcoin up to the $72,000-$80,000 zone and put XRP somewhere between $1.70 and $2.20. The analysis also flagged that more substantial rallies would require catalysts stronger than just ceasefire news. 6
Traders are getting tossed around by shifting headlines and the swings in oil. Brent crude climbed 7.6% to $78.64 a barrel. “The key thing is just the uncertainty,” said Marc Chandler, chief market strategist at Bannockburn Global Forex. “The endgame is unclear,” he added. 7
Crypto prices remain tethered to moves in oil and rates, not just coin news, but that balance never lasts long. Should volatility keep running hot, watch the liquidation flow — it could overshadow any prediction, algorithmic or otherwise.
