The recent sharp drop in XRP looks like it was a derivatives-driven leverage flush, not a structural breakdown. While Bybit experienced a complete open interest reset, elevated risk remains on Binance, signaling a localized divergence in market exposure.

Six consecutive days of selling have pushed Ethereum down 8% on the day, 18% on the week, 24% on the month, and 40% over the past year, with $286M in 24-hour liquidations running 86% long - confirming forced selling is amplifying spot market pressure rather than creating it.

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