XRP Soars on Short Squeeze as Trading Volume Nears $1.4 Billion

XRP surged by roughly 7% over the weekend, reclaiming its price above $1.41. This uptick was largely driven by a short squeeze rather than fresh buying pressure.

As prices reversed higher, traders holding bearish XRP positions lost around $8 million, while long positions incurred significantly smaller losses of approximately $2.4 million.

The futures market saw significant activity, with XRP futures volume reaching about $5.7 billion, more than four times the spot trading figure.