XRP Surges to $1.40, Triggering $8 Million in Short Liquidations
In brief
- XRP gained 8.4% in 24 hours, pushing above $1.40 and reaching $88 billion market cap
- Short liquidations accounted for $8.05 million of $10.41 million total liquidated positions
- Futures volume surged to $5.51 billion, four times spot trading volume
Short Positions Crushed
Short traders accounted for $8.05 million of the liquidations, compared with just $2.36 million in long liquidations. That means roughly 77% of all XRP liquidations during the period came from bearish positions. The liquidations were severe enough that during the past four hours alone, XRP recorded around $1.06 million in liquidations, with shorts accounting for approximately $1.02 million of that.
The rapid XRP price move triggered a wave of forced buying as exchanges automatically closed leveraged short positions. Traders who bet on a price decline were forced to buy back their positions at higher levels, creating a feedback loop that amplified the upward momentum.
Futures Volume Explodes
XRP futures trading volume reached roughly $5.51 billion over the past 24 hours, compared with only about $1.29 billion in spot trading volume. That means futures volume is more than four times larger than spot volume, underscoring how leveraged trading has come to dominate XRP price discovery.
Major exchanges saw staggering increases in volume. Binance recorded roughly $1.54 billion in XRP/USDT futures volume, up more than 68%, while OKX volume surged nearly 81% to approximately $613 million. Bybit recorded about $631 million in XRP futures volume, up more than 71%. Kraken's XRP futures volume jumped more than 150%, and Coinbase saw an increase of nearly 120%.
Strong Long Bias Emerges
The Binance XRP/USDT long-to-short account ratio currently stands at 2.37, meaning there are more than twice as many accounts betting on higher prices as lower ones. OKX also shows a strong long bias, with its XRP long-to-short account ratio at around 2.13. Rising open interest alongside a rising XRP price generally indicates that traders are adding fresh leveraged positions. Open interest in XRP futures stood at approximately $3.05 billion.
The move has shifted sentiment decisively. XRP has gained almost 40% over the past 30 days and about 23% over the past three months, though it remained down roughly 24% since the beginning of the year. The move has taken XRP's market capitalization to around $88 billion.
