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$XRP shorts have suffered over $33 million worth of liquidations over the past 24 hours amid the recent $XRP price resurgence above $1.30.
As the crypto market rebounds on the back of favorable macroeconomic developments and proposed liquidity injections, $XRP has leveraged the upward trend to stage its most impressive rally of the year,securing its spot among the top gainers.
Interestingly, data from Coinglass, a leading market analytics platform, confirms that this recovery push hasresulted inincreased liquidationsfor$XRP shorts, as investors betting on sustained price declines continue towitnesslosses in the futures market.
$XRP Reclaims $1.30
For context, $XRP’s resurgence came later than the rest of the market. While the broader crypto market started seeing gains at the start of the week, $XRP only began recovering on Wednesday, Aug. 19, when it posted a massive 10.40% gain.
So far, $XRP has recorded some of the largest gains in the market, outperforming Bitcoin (BTC) and nearly every altcoin in the top 100 over the daily and weekly timeframes.
As the upsurge continued,$XRP eventually reclaimed the $1.30 price levelon Aug. 20 for the first time since early June. The asset has since maintained the rally, hitting a 3-month peak of $1.43 today before pulling back to settle at $1.35 as of press time.
$XRP Shorts Record $33M Loss
While bullish investors have benefited from this rally, the upsurge has dealt a blow to $XRP shorts. Notably, $XRP’s initial upsurge led to increased interest among traders in the derivatives market, with most market participants anticipating a sudden drop and opening short positions.
However, $XRP maintained its rally, resulting in massive losses for these short positions. According to Coinglass, $XRP shorts have suffered nearly in liquidations over the last four hours. Notably, shorts accounted for over 68% of the total liquidations within this period.
In the 12-hour timeframe, total liquidations amounted to $23.39 million, withshortsrecording$15.68 million or 67%.Meanwhile, over the past 24 hours, $XRP shortsmade up$33.25 million in liquidated value, representinga60%shareof the total $55.2 million.
However, longs have accounted for the greater share in the last hour,amounting to$824,560,a71%shareof the $1.16 million total.This turnaround is due to $XRP’s resistance at the $1.43 level today and the recent pullback toward $1.35.
A Spike in Futures Interest
Further data from Coinglass also confirms the latest spike in futures interest. Notably, $XRP’s futures volume has surged more than 130% to $14.40 billion at press time, marking a 6-month peak. The last time daily futures volume crossed the $10 billion mark was in February 2026.
In additionto this,open interesthasalsorisen 15.8% to $3.42 billion.Datashowsthat Binance continues to lead in futures volume,with$4.35 billion.Meanwhile, Bybit comes second with $1.87 billion, while MEXC holds the third spot, having processed $1.81 billionworth of$XRP futures volume in the last 24 hours.
Source: cryptonews.net