$XRP Price Surges Past $1.4, Wipes Out Millions in Shorts

The price of $XRP has surged to over $1.40, wiping out millions of dollars worth of short positions in the process.

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

Of that amount, around $8.05 million came from short traders, compared to just $2.36 million in long liquidations, highlighting the significant imbalance in bearish positions.

The rally has also been accompanied by a substantial increase in speculative activity, with $XRP futures trading volume reaching roughly $5.51 billion over the past 24 hours, more than four times larger than spot volume.