XRP Price Surge Sparks Multi-Million Dollar Short Squeeze

XRP's price surge to $1.4 has led to the liquidation of millions worth of bearish positions, with short traders accounting for a significant portion of the losses.

According to CoinGlass data, XRP's market capitalization has reached around $88 billion, following a sharp 8.4% increase over the past 24 hours.

The sudden price jump caught traders betting against XRP off guard, with approximately $10.41 million worth of leveraged XRP positions being liquidated in the past 24 hours.

Of this amount, short traders accounted for $8.05 million, compared to just $2.36 million in long liquidations.

The imbalance has been even more dramatic over shorter time frames, with XRP recording around $1.06 million in liquidations in the past four hours, with shorts accounting for approximately $1.02 million.