Estimated liquidation levels across exchanges, built from open-interest changes, price action and taker flow on our own data — brighter cells mark price zones where more leveraged positions would be liquidated. These are model estimates (leverage cohorts at 10x/25x/50x/100x), not exchange-published figures; dollar values are estimated notional at risk, anchored to open interest. Updates every minute.
The heatmap maps estimated XRP liquidation levels around the current price of $1.01, built from open-interest changes and price action across exchanges and anchored to open interest. Cluster sizes are model estimates — upper bounds, not exchange-published figures.
XRP has one of the largest retail derivative followings in crypto, and its price action is famously headline-driven: legal news, ETF speculation and exchange listings can move the market violently within minutes. On the heatmap, that shows up as long-lived liquidation shelves that build during quiet ranges — then vanish in a single candle when a news spike sweeps through them.
The mix of venues matters for XRP more than for most coins. A large share of XRP perp volume trades on non-US exchanges with distinct leverage cultures, so the aggregated view and individual exchange views can look meaningfully different. Comparing them with the exchange selector shows which venue is carrying the crowded side.
The model watches XRP open-interest changes, price action and taker flow, assigns new positions across leverage cohorts, and projects the prices where those positions would be liquidated. It is an estimate — venues do not reveal individual position data.
Brightness tracks the estimated dollar value of positions that would be liquidated at that price. Yellow zones hold the most at-risk notional; dim purple zones hold the least.
Not by themselves. Dense zones can act like magnets because forced closing adds fuel once price enters them, but they are one input among many — news flow dominates XRP more than most markets.