XRP Sees Sudden Surge on Short Squeeze and Altcoin Rotation

XRP has seen a significant surge in value, rising by 6.78% to $1.62 as it outperforms the broader crypto market.

The main driver behind this increase is a short squeeze, with leveraged funds on the CME cutting their net short position by 46.3 million XRP.

XRP also broke above the key $1.60 resistance level, with traders rotating into altcoins contributing to the move.

For now, the trend could continue if XRP holds onto its $1.52 support level.

Traders are keeping an eye on the next CFTC positioning report, due out on September 25, for signs of whether short covering has continued.