XRP Surges 6.4% as Bitcoin's Short Squeeze Forces Exchanges to Buy Back $300 Million

XRP's price surge is largely driven by Bitcoin, which forced exchanges to buy back around $300 million of losing short positions in just an hour.

This buying frenzy saw XRP's price rise 6.4% to $1.47 as of September 21, with the coin now trading above its 200-day moving average of $1.35 and its 20-day average of $1.32.

The real trigger for this chain reaction was Bitcoin breaking the $84,000 mark, rising 5.3% to $84,702 - its highest point since January 31.

XRP had the largest share of shorts to unwind during this buying frenzy, with CoinGlass reporting that over 24 hours, around $710 million was liquidated, and shorts accounted for 86% of that total.