XRP Short Squeeze Triggers Price Surge Ahead of US Crypto Vote

XRP's derivatives market experienced a significant short squeeze in the days leading up to key US events, including the Senate vote on the CLARITY Act and a Federal Reserve interest rate meeting. The event triggered a $2 million short squeeze, forcing bears to rapidly close positions as XRP prices rose from around $1.38 to a local peak of $1.44.

The surge was fueled by institutional inflows and a record number of unique addresses on its ledger, demonstrating the growing interest in XRP among investors. The market's 851% liquidation imbalance further exacerbated the squeeze, pushing prices upward despite aggressive shorting attempts.

Despite this volatility, XRP has maintained steady support, with buy orders dominating at 66% and a typical hold time of 71 days indicating investor interest remains strong.