XRP at $1.38 leads crypto pullback with leverage unwind testing rally strength while 4h chart shows EMA50 support at $1.36 and bearish MACD.

According to @EmberCN, a whale who used loop lending to long 1,320 WBTC sold another 175 WBTC in the past five hours for $16.18M USDC, completing the leverage unwind (source: @EmberCN, Nov 20, 2025). According to @EmberCN, the de-risking began when BTC fell to $100,000 on 11/5 and the position neared the liquidation threshold (source: @EmberCN). According to @EmberCN, over roughly two weeks the whale sold a total of 725.8 WBTC for about $71.81M in stablecoins (denoted as U), marking the end of this deleveraging cycle (source: @EmberCN).

According to @KobeissiLetter, all asset classes are trading sharply lower today, with intraday relief rallies being sold into new lows in a textbook emotional correction. According to @KobeissiLetter, this risk-off pattern has become increasingly common in 2025 amid record leverage and hypersensitivity to headlines. According to @KobeissiLetter, the broader macro thesis remains intact: deficit spending is surging, AI CapEx is nearing $1 trillion per year, and a weakening labor market means the Fed must cut rates even with inflation around 3%. According to @KobeissiLetter, this backdrop supports an S&P 500 target of 7,000 on the horizon. According to @KobeissiLetter, the cross-asset selloff includes crypto risk and warrants caution for BTC and ETH during deleveraging, with potential support later if rate cuts materialize.