The XRP price surged, exceeding the $1.40 mark and leading to the liquidation of short positions totaling $10.41 million. According to CoinGlass, XRP is currently trading around $1.402, which corresponds to an increase of approximately 8.4% over the past 24 hours. The market capitalization of XRP has reached about $88 billion.
As a result of the price jump, approximately $10.41 million in leveraged positions were liquidated: $8.05 million were short positions, and $2.36 million were long positions. This means that about 77% of all XRP liquidations during the period were bearish positions. In the last four hours, around $1.06 million were liquidated, of which approximately $1.02 million were short positions. This indicates forced buying: exchanges automatically closed shorts that could no longer meet margin requirements. When shorts are liquidated, traders effectively buy back the asset they were betting against. If many such positions are closed simultaneously, it adds additional upward pressure—a so-called short squeeze.
The trading volume of XRP futures over the past 24 hours amounted to approximately $5.51 billion, which is more than four times the spot trading volume—around $1.29 billion. The open interest in XRP is currently approximately $3.05 billion. An increase in open interest along with a price rise usually indicates that traders are opening new leveraged positions rather than just closing existing ones.
Activity on several major exchanges has particularly increased. On Binance, the XRP/USDT futures volume was approximately $1.54 billion (+68%), on OKX—around $613 million (+81%), on Bybit—approximately $631 million (+71%). The futures volume on Kraken increased by more than 150%, and on Coinbase—by almost 120%. Positioning data also shows a bullish bias: the long-to-short ratio on Binance accounts is 2.37, for top traders—around 2.76 on accounts and 1.77 on positions. On OKX, the ratio is about 2.13. This comes after a strong month for XRP: despite a decline of about 24% since the beginning of the year, the asset has gained nearly 40% in 30 days and about 23% in three months. The breakout above $1.40 raises the question of whether XRP can sustain its growth after the pressure from short liquidations eases. The combination of rising price, open interest, and futures volumes shows that leverage has become a significant part of the movement. This could enhance further growth but also increases the risk of sharp liquidations in the opposite direction if the price reverses.
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