XRP Leads Crypto Rally as Market Cap Surpasses $2 Trillion
XRP has emerged as one of the top performers in the crypto market, gaining 13.6% over the past 24 hours to reach $1.39. This surge comes on the heels of a nearly 40% weekly gain for the asset, outpacing both Bitcoin and Ethereum. While Bitcoin rose 7.2% to $77,393.67 and Ethereum gained 4.6% to $2,403.59, XRP's impressive growth has put it in the spotlight.
The broader crypto market saw a significant rally on Thursday, with its total capitalization reaching approximately $2.68 trillion and a 24-hour trading volume of $163.7 billion. Other major tokens also posted gains, with Solana up 5.2% to $91.55 and Hyperliquid up 5.9% to $76.45.
Short sellers have been squeezed out by the market's upward momentum, with data showing losses of $3.787 billion over four days for short positions compared to $687 million in losses for long positions. This has led to one of the sharpest liquidation events on record for the crypto derivatives market.