XRP's 22% Surge Triggers Short-Squeeze, Tests Key Resistance

XRP's price surged by roughly 22% in just 24 hours, trading at around $1.26 and breaking through a key level that CryptoSlate had identified as a potential upside target back in July.

This breakout setup had predicted an open interest surge among traders positioning for the move, which indeed happened.

Now that XRP has cleared the $1.26 shelf, market participants are looking above this level and onto higher price points on the chart.

The liquidation ladder is pointing toward $1.38, where cumulative short liquidations sit around $2.2 million, about 9.5% above the current spot price.

This forced short-buying has added real demand to an already climbing move, but it's not a guarantee that the rally will continue.