XRP Price Surge Triggers Short Liquidations Amid Bullish Signals

XRP is gaining traction in the crypto market, with its price rising from $2.12 to $2.18 in the past 24 hours. This modest upward move triggered a wave of short liquidations in XRP futures. According to CoinGlass, short traders lost $151,020 in the last hour alone, as they bet against a rebound. In contrast, long traders faced minimal losses, totaling just $8,060, indicating most expected continued consolidation rather than a sharp move.

XRP is now eyeing a potential retest of the $2.30 resistance level if bullish momentum continues. As of the latest data, XRP is trading at $2.17, up 1.79% on the day. However, trading volume has dropped 42.78% to $2.51 billion, suggesting a temporary cool-off in investor activity.

Despite the volume decline, technical indicators suggest a bullish setup. XRP is currently sitting on its 200-day moving average—a key support level historically linked with price rebounds. Additionally, network growth adds to the optimism. Over 9,000 new XRP wallets were created in just two days, signaling rising adoption and possible future liquidity inflows.

The combination of support at the 200-day MA, liquidations shaking out bearish positions, and expanding wallet count paints a promising picture for XRP. If trading volume picks up again, a push toward $2.30 seems increasingly likely. Traders should watch for renewed activity as a catalyst for the next price breakout.