XRP is facing its most consequential technical test in months after a cascade of forced liquidations erased nearly $1 billion in leveraged crypto positions, dragging the token below a trendline that had underpinned its recovery since August.

The digital asset changed hands near $1.29 on Oct. 15, down roughly 2.7% for the session after opening around $1.33 and sliding to an intraday low near $1.28. The decline pushed XRP beneath a rising support line that had guided its climb from the $1.00 region, a development that has weakened short-term bullish momentum even as the broader market structure remains intact.

Across the crypto market, total liquidations reached approximately $959 million within 24 hours, according to data cited in market…